Biogen Inc (NASDAQ:BIIB) topped third-quarter earnings estimates, boosted by sales of its muscle disease treatment Spinraza.
The biotech reported earnings of $7.15 per share on revenue of $3.44 billion compared with $5.79 EPS on revenue of $3.08 billion in the previous year’s third quarter.
The Massachusetts-based company beat Wall Street estimates of $6.78 EPS on revenue of $3.33 billion.
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The company credited the strong performance of Spinraza to its double-digit revenue boost.
“For SPINRAZA, in the U.S. we saw increased new patient demand among adults. Outside of the U.S., SPINRAZA revenues benefitted from strong patient uptake across a number of geographies, as well as broadening approvals and solid reimbursement patterns,” said CEO Michel Vounatsos in the company’s press release.
Spinraza sales totaled $468 million in the third quarter, ahead of analyst estimates of $448.1 million.
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The success of Spinraza helped to soften the impact of decreased demand for its multiple sclerosis treatment Tecfidera.
While revenue for Tecfidera rose to $1.09 billion from $1.07 billion, it fell short of consensus estimates of $1.11 billion.
Biogen and Brussels-based pharmaceutical company UCB S.A. also announced that a Phase 2b study of their lupus treatment dapirolizumab pegol failed to meet the primary endpoint, but said they would continue their partnership and determine the next steps in the study.
The company is expected to present data on its Alzheimer’s drug aducanumab later this week.
Shares of Biogen were up slightly to $317 in Tuesday pre-market trading.
Contact Lenore Fedow at lenore@proactiveinvestors.com
Follow her on Twitter: @LenoreMariee