Biogen Inc. (NASDAQ:BIIB) has raised its full year earnings forecast after reporting better-than-expected second quarter profit.
The drugmaker has forecast earnings of between US$20.80 per share and US$21.40 per share, compared to a January estimate of US$20.45 per share to US$21.25 per share.
Revenue is expected to range from US$11.5bn to US$11.8bn, up from a prior forecast of US$11.1bn to US$11.4bn.
In the second quarter, net income attributable to the company fell to US$862.8mln, or US$4.07 per share, compared with US$1.05bn, or $4.79 per share, the previous year due to higher costs.
Adjusted earnings per share were US$5.04, compared with analysts’ estimates of US$4.37.
Revenue rose to US$3.0bn from US$2.89bn, compared to market expectations of US$2.81bn, driven by sales of its spinal muscular atrophy (SMA) drug, Spinraza.
Last December the US Food and Drug Administration approved the injection for SMA, which is priced at US$750,000 for the first year of therapy.
Most of Biogen's revenue is derived from its host of multiple sclerosis treatments, including its leading Tecfidera.
Shares rose 0.74% to US$286.80 in early US trading.