Biogen beats by $0.58, beats on revs
- Reports Q3 (Sep) earnings of $6.31 per share, excluding non-recurring items, $0.58 better than the Capital IQ Consensus of $5.73; revenues rose 4.1% year/year to $3.08 bln vs the $3.05 bln Capital IQ Consensus.
- TECFIDERA revenues (+3% to $1.07 bln) comprised $836 million in sales in the U.S. and $233 million in sales outside the U.S. In the third quarter of 2016, U.S. TECFIDERA revenues benefited by ~$40 million to $50 million due to inventory build in the channel, affecting the year over year comparison. Inventory levels in the third quarter of 2017 for TECFIDERA in the U.S. were relatively flat versus the second quarter of 2017.
- SPINRAZA (marketed for IONS) revenues (+34% Q/Q to $271 mln) comprised $198 million in sales in the U.S. and $73 million in sales outside the U.S. Inventory levels for SPINRAZA in the U.S. were relatively flat versus the second quarter of 2017, as compared to a $30 million increase in the second quarter of 2017. Outside the U.S., SPINRAZA revenues were primarily from Germany and Turkey.
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