Cambridge-Based Biogen Surpasses Wall Street Expectations

CAMBRIDGE, MA — Biogen Inc. (BIIB) on Tuesday reported second-quarter net income of $862.8 million.

On a per-share basis, the Cambridge, Massachusetts-based company said it had net income of $4.07. Earnings, adjusted for one-time gains and costs, came to $5.04 per share.

The results surpassed Wall Street expectations. The average estimate of 22 analysts surveyed by Zacks Investment Research was for earnings of $4.36 per share.

The biotechnology company posted revenue of $3.08 billion in the period, also surpassing Street forecasts. Twenty-four analysts surveyed by Zacks expected $2.81 billion.

Biogen expects full-year earnings in the range of $20.80 to $21.40 per share, with revenue in the range of $11.5 billion to $11.8 billion.

Biogen shares have climbed slightly since the beginning of the year, while the Standard & Poor's 500 index has risen 10 percent. The stock has fallen 1 percent in the last 12 months.

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