Biogen Inc (NASDAQ:BIIB) saw its stock increase on Wednesday following the release of its earnings report for the third quarter of 2016.
Biogen Inc reported revenue of $2.96 billion during the third quarter of 2016. The company reported revenue of $2.78 billion during the same time last year. Wall Street was expecting BIIB to report revenue of $2.90 billion for the third quarter of the year.
Biogen Inc said that revenues for the third quarter of 2016 were helped by a 10% increase in worldwide Tecfidera revenues. Revenues from other drugs, including Tysabri, Eloctat, Alprolix, and Benepali, also helped. However, a decrease in interferon sales hurt revenue.
Earnings per share reported by Biogen Inc for the third quarter of 2016 came in at $5.19. This is 16% increase from the earnings per share of $4.48 that the biopharmaceutical company reported in the third quarter of 2015. It also came in above the $4.97 that analysts were looking for.
BIIB reported net income of $1.14 billion during the third quarter of 2016. This is a roughly 9% increase from the net income of $1.04 billion reported during the third quarter of 2015.
Biogen Inc also announced that it repurchased 1.1 million of BIIB shares from investors during the third quarter of 2016. This had it spending $349 million on share repurchases during the quarter.
Biogen Inc also noted that it suffered from $13 million in restructuring charges during the third quarter of 2016. These restructuring charges are mainly connected to its plan to spin-off Bioverativ into its own publicly-traded company in early 2017.
BIIB stock was up 3% as of Wednesday afternoon.
