Biogen climbs as profits surge 72%, prompting the firm to boost 2019 guidance
- Biogen jumped about 2% in early trading on Tuesday after beating estimates and raising guidance for the rest of 2019.
- The company's multiple sclerosis therapy led the company's 72% revenue growth in the second quarter. The treatment brought in $100 million more than analysts' consensus estimate.
- The earnings beat comes as shares are down about 35% over the last 12 months. Biogen plummeted on March 21 after it announced its Alzheimer drug would be discontinued after failing late-stage trials.
- Watch Biogen trade live here.
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:
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