10/22/2019, 12:57 PM (Source: TeleTrader)
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Biogen Q3 revenue $3.6B, up 5% YoY

Biogen Inc. said on Tuesday that its revenue for the third quarter stood at $3.6 billion, improving by 5% year-on-year, above analyst's projections. The Massachusetts-based biotechnology company's GAAP net income rose by more than 7% year-on-year and reached $1.5 billion, while diluted earnings per share (EPS) in Q3 were $8.39 or 17% above EPS a year earlier.

"Biogen delivered solid performance in the third quarter driven by continued resilience from our MS core business and growth from SPINRAZA and biosimilars. We continue to believe that our core focus on neuroscience will lead to new innovative treatments for patients and will maximize long-term returns for our shareholders," Biogen’s Chief Executive Officer Michel Vounatsos said.

Multiple sclerosis medicine revenues increased by 2% year-on-year driven by the sales of OCREVUS. Meanwhile, SPINRAZA sales grew as well and amounted to $547 million.

Shares of Biogen Inc. rocketed over 30% premarket after the company released its Q3 results.

Baha Breaking News (BBN) / GA