Biogen beats by $0.71, beats on revs; raises FY18 EPS and rev above consensus; acquires ALG-801 (Phase 1a) and ALG-802 (preclinical) from AliveGen
- Reports Q2 (Jun) earnings of $5.80 per share, excluding non-recurring items, $0.71 better than the Capital IQ Consensus of $5.09; revenues rose 9.1% year/year to $3.36 bln vs the $3.25 bln Capital IQ Consensus.
- Multiple sclerosis (MS) revenues were $2.3 billion, including ~ $113 million in royalties on the sales of OCREVUS. Tecfidera -2% to $1.09 bln; Spinraza (owned by IONS and marketed by Biogen) +16% Q/Q and 108% Y/Y to $423M. The number of commercial patients receiving SPINRAZA grew ~13% in the U.S. and ~ 47% outside the U.S. versus the first quarter of 2018.
- Co issues upside guidance for FY18, raises EPS to $24.90-25.50 from $24.20-25.20, excluding non-recurring items, vs. $23.91 Capital IQ Consensus; raises FY18 revs to $13.0-13.2 bln from $12.7-13.0 bln vs. $12.96 bln Capital IQ Consensus Estimate.
- Biogen announced it has acquired ALG-801 (Phase 1a) and ALG-802 (preclinical) from AliveGen, Inc. ALG-801 (now known as BIIB110) and ALG-802 represent novel ways of targeting the myostatin pathway, which is one of the most thoroughly studied approaches for muscle enhancement. BIIB110 and ALG-802 are recombinant proteins that act as ActRIIB ligand traps to inhibit myostatin pathway signaling, and their targeted mechanism of action may result in greater efficacy and improved safety compared to other myostatin approaches. We initially plan to study BIIB110 and ALG-802 in multiple neuromuscular indications including spinal muscular atrophy (SMA) and amyotrophic lateral sclerosis. The acquisition includes an upfront payment of $27.5 million, and Biogen may pay up to $535 million in additional potential development and commercialization milestones across both assets and multiple indications.
- Co will update BAN2401 alzheimer's data in an Eisai poster presentation on Wednesday, July 25th starting at 9:30 a.m. CT at AAIC in Chicago.
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