Biogen Inc. (NASDAQ: BIIB) rose Tuesday after the company reported upbeat results for its second quarter and acquired muscle enhancement program from Alivegen for $27.5 million.
The company, based out of Cambridge, Mass., on Tuesday reported adjusted profit of $5.80 per share on $3.36 billion in sales for its second quarter, compared with adjusted income of $5.04 a share and $3.08 billion in revenue in the year-earlier period.
Analysts polled by Zacks Investment Research had called for adjusted earnings of $5.22 per share on $3.25 billion in sales.
For the year, Biogen guided to EPS of $24.90-$25.50 and revenue of $13 billion to $13.2 billion. The consensus had modeled adjusted profit of $23.93 a share and $12.97 billion in sales.
According to CEO Michel Vounatsos, "We continued to execute on our strategy to be the leader in neuroscience, as exemplified by our progress in our growth areas of Alzheimer’s disease, neuromuscular disease and acute neurology.
"Overall, revenues grew 9% to a record $3.4 billion in the second quarter. The number of patients treated with our MS therapies globally remained relatively stable compared to last year. We saw an increase of over 20% in the number of adult SPINRAZA patients in the U.S. versus last quarter, as we work to increase access and adoption in older patients.
Shares in Biogen grew $18.18, or 5.1%, to $376.31, within a 52-week trading range of $249.17 to $370.57.
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