Biogen earnings for the second quarter of the year have BIIB stock heading higher on Tuesday.
Biogen (NASDAQ:BIIB) starts off its earnings report for the second quarter of 2019 with earnings per share of $9.15. This is a major increase over the company’s earnings per share of $5.80 reported in the second quarter of 2018. It was also a blessing for BIIB stock by coming in well above Wall Street’s earnings per share estimate of $7.53 for the period.
The Biogen earnings report for the second quarter of the year also has net income coming in at $1.49 billion. That’s up quite a bit from the company’s net income of $867 million reported in the same period of the year prior.
Operating income reported in the most recent Biogen earnings report comes in at $1.96 billion. The biotechnology company reported operating income of $1.21 billion for the second quarter of the previous year.
Biogen earnings for the second quarter of 2019 see it bringing in revenue of $3.62 billion. This is better than the company’s revenue of $3.36 billion reported during the same time last year. It was also good news for BIIB stock by beating out analysts’ revenue estimate of $3.47 billion for the quarter.
Biogen is also increasing its outlook for the full year of 2019 in its earnings report for the second quarter. This has the company now expecting earnings per share between n $31.50 and $32.30 for the year. The previous guidance was for earnings per share ranging from $28.00 to $29.00. Wall Street is looking for earnings per share of $29.70 for the year.
The new revenue outlook for 2019 has it sitting between $14.00 billion to $14.20 billion. The previous revenue guidance was a range of $13.60 billion to $13.80 billion. Analysts are estimating earnings per share of $13.95 billion for the year.
BIIB stock was up 3% as of Tuesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.