Biotech company, Biogen (BIIB – Analyst Report), reported second quarter 2015 earnings per share of $4.22 per share, well above the Zacks Consensus Estimate of $4.07 and 20.9% above the year-ago earnings.
Biogen Idec Inc. – Earnings Surprise | FindTheBest
The company, however, missed on revenues with second quarter 2015 SALes of $2.591 billion falling short of the Zacks Consensus Estimate of $2.711 billion. Revenues were up 7% from the year-ago period. Currency negatively impacted revenues by $79 million.
The Quarter in Detail
Second quarter Tysabri revenues decreased 13.1% to $463 million (U.S. $269 million, ex-U.S. $195 million) from the year-ago period.
Combined interferon revenues (Avonex and Plegridy), in the second quarter were $690 million (U.S. $455 million, ex-U.S. $235 million), down 10.9% from the year-ago period and 9% sequentially. The company attributed the decline in U.S. revenues to inventory reduction in the wholesale channel. Avonex revenues declined 20.5% to $615.2 million.
Plegridy contributed $74.5 million to second quarter 2015 revenues, up from $61.8 million in the first quarter of 2015.
Rituxan and Gazyva related revenues were $338 million in the second quarter, up 11.6% from the year-ago period.
Oral multiple sclerosis (MS) drug Tecfidera grew 26.1% from the year-ago period to $883 million. This included U.S. sales of $721 million and EU sales of $163 million. Sales grew 7% on a sequential basis. Ex-U.S. sales were affected by lower pricing in Germany.
Alprolix and Eloctate, Biogen's recently launched hemophilia treatments, recorded revenues of $54 million and $74 million, respectively, showing growth from first quarter 2015 revenues of $43.1 million and $53.6 million, respectively.
Cuts View
Based on revised expectations for Tecfidera growth, Biogen cut its revenue and earnings outlook and now expects earnings of $15.50 – $15.95 per share on revenue growth of 6% – 8%. Earlier in January, the company had guided towards earnings of $16.60 – $17.00 per share on revenue growth of 14% – 16%.
