Biogen climbs as profits surge 72%, prompting the firm to boost 2019 guidance
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Reuters
Biogen shares rose roughly 2% in early trading after the company beat second-quarter estimates and raised its guidance for the rest of 2019.
The company's improved outlook follows a 72% quarterly profit jump, led by its multiple sclerosis therapy product. The therapy, Tecfidera, brought in $1.15 billion in sales, beating the $1.05 billion estimate.The positive news follows a drop of about 35% in the shares' value over the last 12 months, representing a loss of about $30 billion in market cap. Biogen shares fell more than 29% on March 21 after the company announced its Alzheimer drug failed late-stage trials and would be discontinued.
Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.Biogen said it expects yearly revenue to land between $14 billion and $14.2 billion, up from previous estimates ranging from $13.6 billion to $13.8 billion.
Biogen shares closed at $232.48 Monday. The company has 6 "buy" ratings, 25 "hold" ratings, and 2 "sell" ratings from analysts and a 12-month price target of $254.52 per share, according to Bloomberg data.Now read more markets coverage from Markets Insider and Business Insider:Disney stock jumps after 'The Lion King' and 'Avengers: Endgame' set box office records
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