Biogen (NASDAQ:BIIB) surged on Wednesday after the biopharmaceutical company reported better-than-expected results for its fourth quarter as sales of its multiple sclerosis drug Tecfidera grew.
The company also offered guidance for 2016 that met Wall Street expectations.
Shares gained 8.5% to $282.06 at 1:49 p.m. in New York.
Total revenue rose 7.5% to $2.84 billion, the Cambridge, Massachusetts-based company said in a statement on Wednesday. That topped analysts' average estimate of $2.71bn, according to Capital IQ.
The company cited the solid performance from its multiple sclerosis drugs and the strong adoption of its hemophilia therapies.
Tecfidera sales rose 8.4% to $992.8mln. Its revenue benefited from an increase in wholesale inventory. Sales of the drug have been pressured recently because fewer new patients were being prescribed the drug
Net income decreased to $831.6mln in the October-to-December quarter, from $883.5 mln a year earlier. On a per share basis, earnings rose to $3.77 from $3.74.
Adjusted earnings were $4.50 per share, trouncing Wall Street expectations of $4.08 per share.
For 2016, Biogen anticipated adjusted earnings of $18.30 and $18.60 per share, while analysts forecast $18.45 a share. The company said it expects revenue of $11.1bn to $11.3 billion; analysts forecast $11.3bn.