Biogen Inc reported a 3.2per cent rise in second-quarter profit on Wednesday, getting a lift from demand for its top-selling multiple sclerosis drug Tecfidera.
22 Jul 2020 07:45PM
(Updated: 22 Jul 2020 08:20PM)
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REUTERS: Biogen Inc raised its 2020 earnings forecast after better-than-expected sales of its multiple sclerosis treatment Tecfidera helped the drugmaker beat second-quarter profit estimates.
The company's shares rose 2.8per cent before the opening bell as the results allayed investor apprehensions over rising competition to Tecfidera.
Tecfidera, Biogen's best-selling treatment, generated sales of US$1.18 billion in the quarter, ahead of Wall Street estimates of US$1.11 billion.
The drug faces increasing competition from newer treatments, including Roche Holding AG's Ocrevus, and Biogen in June lost a patent dispute with Mylan NV over Tecfidera. Analysts have said the ruling opens the threat of cheaper rivals in the United States.
Biogen said on Tuesday the raised forecast does not include any impact from the potential entry of generic versions of Tecfidera in the United States in 2020.
The company, which named a new chief financial officer on Tuesday, now expects 2020 full-year adjusted profit to be between US$34 and US$36 per share, up from its prior forecast of between US$31.50 and US$33.50.
The results come as investors await U.S. regulatory action on Biogen's application seeking approval of its closely watched Alzheimer's drug, as wellRead More – Source