Biogen Inc. (NASDAQ: BIIB) reported its fourth-quarter financial results before the markets opened on Wednesday. The biotech giant posted $4.50 in earnings per share (EPS) on $2.84 billion in revenue. That compared to consensus estimates from Thomson Reuters of $4.08 in EPS on revenue of $2.71 billion. In the same period of the previous year, the leading biotech reported EPS of $4.09 and $2.54 billion in revenue.
In terms of guidance, the company expects to have EPS in the range of $18.30 to $18.60 and revenue between $11.1 billion and $11.3 billion in 2016. The consensus estimates call for $18.45 in EPS on $11.29 billion in revenue.
In December, Biogen offered up new data demonstrating that Eloctate and Alprolix may effectively manage target joint bleeding and maintain low annualized bleeding rates in people with severe hemophilia A and B.
Also Biogen recently initiated a Phase 1/2 clinical study of IONIS-SOD1Rx (BIIB067) in patients with amyotrophic lateral sclerosis (ALS), including patients with a mutation in superoxide dismutase 1 (SOD1), which accounts for approximately 2% of ALS patients.
Biogen CEO George A. Scangos Ph.D. commented on earnings:
The year ahead will be very exciting for our pipeline, as we look to advance several potential breakthrough programs. We are executing two Phase 3 clinical trials for aducanumab in Alzheimer’s disease, and are awaiting new data from two other Alzheimer’s candidates. We are encouraged by open label Phase 2 data for nusinersen for spinal muscular atrophy, the leading genetic cause of infant mortality, and are advancing two Phase 3 studies in infants and children with our collaboration partner Ionis. We expect to see Phase 2 data for anti-LINGO in multiple sclerosis in the middle of the year, allowing us to better understand its potential to reverse or repair damage caused by the disease. We are also focused on expanding our leadership in neurology by continuing to attract top talent and using new technology, novel science and a better understanding of disease biology to pursue early stage programs in areas such as Parkinson’s disease and ALS.
At the end of 2015, Biogen had cash, cash equivalents and marketable securities totaling approximately $6.2 billion, as well as $6.5 billion in notes payable and other financing arrangements.
Shares of Biogen closed Tuesday down 0.9% at $259.87, with a consensus analyst price target of $363.31 and a 52-week trading range of $254.00 to $480.18. Following the release of the earnings report, the stock was up nearly 6% at $275.00 in early trading indications Wednesday.