Biogen reports second quarter 2016 revenues of $2.9 billion

News Hour:

Biogen Inc. (NASDAQ: BIIB)  reported second quarter 2016 financial results, including:

• Total revenues of $2.9 billion, a 12% increase versus the same period in the prior year.
  • Growth was driven by increases in worldwide revenues from the Company’s multiple sclerosis (MS) and hemophilia businesses.
  • Foreign exchange negatively impacted total revenues by approximately $44 million compared to the second quarter of 2015, driven by changes in hedge results.
• GAAP net income attributable to Biogen Inc. of $1.0 billion, a 13% increase versus the same quarter in the prior year.
• GAAP diluted earnings per share (EPS) of $4.79, a 22% increase versus the same quarter in the prior year.
• Non-GAAP net income attributable to Biogen Inc. of $1.1 billion, a 15% increase versus the same quarter in the prior year.
• Non-GAAP diluted EPS of $5.21, a 23% increase versus the same quarter in the prior year.

“During the second quarter we saw solid performance across our commercial business, as a growing number of patients benefited from our broad MS portfolio, hemophilia therapies, and recently launched biosimilar,” said Chief Executive Officer George A. Scangos, Ph.D. “Revenue strength coupled with thoughtful management of expenses helped drive healthy earnings growth for the quarter. As a result, we have raised our financial guidance for the full year. Our Board has also authorized a $5 billion share repurchase program. We believe this allows us to return capital to shareholders, while leaving ample room for strategic flexibility.”

“We also made important progress for patients with the U.S. and E.U. approvals of ZINBRYTA^TM and the E.U. approval of FLIXABI^®,” Dr. Scangos continued. “And we are excited about our science and research as we shape a robust pipeline of novel candidates we believe could have a significant impact on neurological and related conditions. We continue to enroll two Phase 3 clinical trials for aducanumab in early Alzheimer’s disease; our collaboration partner Ionis Pharmaceuticals has completed enrollment in two Phase 3 studies of nusinersen in infants and children with spinal muscular atrophy; and we have announced an innovative gene therapy collaboration with the University of Pennsylvania focused on potential treatments targeting the central nervous system.”