Biogen beats by $0.52, beats on revs; raises FY16 EPS above consensus, raises rev in-line; CEO George Scangos stepping down; announces $5 bln buyback :
- Reports Q2 (Jun) earnings of $5.21 per share, excluding non-recurring items, $0.52 better thanthe Capital IQ Consensus of $4.69; revenues rose 11.7% year/year to $2.89 bln vs the $2.79 bln Capital IQ Consensus.
- Growth was driven by increases in worldwide revenues from the Company's multiple sclerosis (MS) and hemophilia businesses.
- FX negatively impacted total rev by ~$44 million compared to the second quarter of 2015, driven by changes in hedge results.
- Tecfidera sales +12% to $987 mln, $780 mln in US vs. $774 mln consensus; Interferon +6% to $728 mln; Avonex -2% to $606 mln; Tysabri +7% to $497 mln.
- "We continue to enroll two Phase 3 clinical trials for aducanumab in early Alzheimer's disease; our collaboration partner Ionis Pharmaceuticals has completed enrollment in two Phase 3 studies of nusinersen in infants and children with spinal muscular atrophy; and we have announced an innovative gene therapy collaboration with the University of Pennsylvania focused on potential treatments targeting the central nervous system."
- Co issues guidance for FY16, raises EPS to $19.70-20.00 from $18.30-18.60, excluding non-recurring items, vs. $18.87 Capital IQ Consensus; raises FY16 revs to $11.2-11.4 bln from $11.1-11.3 bln vs. $11.29 bln Capital IQ Consensus.
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