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Biogen Earnings: BIIB Stock Jumps 1% Higher on Q2 Beats

Biogen (NASDAQ:BIIB) earnings for the second quarter of fiscal year 2020 have BIIB stock on the rise Wednesday morning. This comes after reported revenue of $3.68 billion beat Wall Street’s estimate of $3.44 billion. Additionally, the company’s reported adjusted earnings per share (EPS) of $10.26 cruised by analysts’ expectations of $8.04 for the quarter.

Biogen logo on its website

Source: Pavel Kapysh / Shutterstock.com

Moreover, the company said GAAP EPS was $9.59 for the period.

Here is what else is worth mentioning from the most recent Biogen earnings report.

  • Adjusted EPS was up 12% from $9.15 during Q2 2019.
  • Revenue for the quarter comes in 2% higher compared to $3.62 billion during the same time last year.
  • Operating income of $1.97 billion is less than 1% more year-over-year than $1.96 billion.
  • The Biogen earnings report also includes a net income of $1.54 billion.
  • That’s 3% better than $1.49 billion from the second quarter of 2019.

Michel Vounatsos, chief executive officer of Biogen, had this to say about the BIIB stock earnings:

“In the second quarter, Biogen continued to deliver strong financial results. We are pleased to have completed the BLA submission for aducanumab and look forward to the prospect of launching the first therapy to reduce clinical decline in Alzheimer’s disease. Our progress with aducanumab exemplifies our broader strategy of building a multi-franchise portfolio based on our deep expertise in neuroscience, and we have multiple near-term value creation opportunities in other areas such as ALS, ophthalmology, lupus, stroke, and biosimilars.”

The company also issued updated guidance for FY2020 in its earnings report. This includes Biogen expecting revenue of between $13.8 billion to $14.2 billion and EPS between $32 and $34. This is an increase from the previous EPS outlook range of $29.50 to $31.50. However, it is below the past revenue guidance between $14 billion and $14.3 billion.

Meanwhile, Wall Street analyst expectations for FY2020 call for EPS of $32.96 on revenues of $13.94 billion.

BIIB stock was up 1.4% as of Wednesday morning.

Nick Clarkson is a Web Editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/07/biogen-earnings-biib-stock-jumps-1-higher-on-q2-beats/.

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