NEW YORK (AP) - Biogen reported declining fourth-quarter profits but it easily topped most expectations as sales of its treatment for multiple sclerosis took off.
Sales of Tecfidera sales jumped 8.4 percent to $993 million as sales of its other treatments for multiple sclerosis dipped.
The biotechnology company’s profit fell 6 percent to $831.6 million, or $3.77 per share. Earnings, adjusted for one-time gains and costs, came to $4.50 per share, which far exceeded the per-share earnings of $4.07 that Wall Street was looking for, according to a poll by Zacks Investment Research.
Revenue rose 7.5 percent to $2.84 billion in the period, also beating Street forecasts. Twenty-one analysts surveyed by Zacks expected $2.71 billion.
The Cambridge, Massachusetts-based company said that revenue from its other multiple sclerosis drugs, Avonex and Plegridy, fell 4.8 percent to $740 million. Sales of the multiple sclerosis treatment Tysabri fell slightly to $481 million.
Costs and expenses rose 12.5 percent to $1.67 billion during the quarter.
For the year, the company reported profit of $3.55 billion, or $15.34 per share. Revenue was reported as $10.76 billion.
Biogen expects full-year earnings in the range of $18.30 to $18.60 per share, with revenue in the range of $11.1 billion to $11.3 billion.
The stock gained $12.16, or 4.6 percent, to reach $271.79 in morning trading.
Shares of Biogen Inc. have decreased 15 percent since the beginning of the year, while the Standard & Poor’s 500 index has dropped roughly 7 percent. The stock has declined 28 percent in the last 12 months.
Elements of this story were generated by Automated Insights (https://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BIIB at https://www.zacks.com/ap/BIIB
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