Biogen's Earnings Rise Helped by Equity Investment
April 24 2019 - 7:56AM
Dow Jones News
By Allison Prang
Biogen Inc.'s (BIIB) first-quarter earnings rose as the company
reported higher revenue and the fair value in the company's
investment in a pharmaceutical company rose.
Biogen reported $1.41 billion in net income, up 20% from the
comparable quarter a year earlier. The Massachusetts company said
earnings were $7.15 a share, up from $5.54 a share. Analysts polled
by Refinitiv were expecting $6.20 a share.
Biogen's first-quarter other income was $357 million, which
included $376 million in net gains on investments, principally
driven by an increase in the fair value of the company's equity
investment in Ionis Pharmaceuticals Inc.
Earnings on an adjusted basis were $6.98 a share, up from $6.05
a share. Analysts were expecting $6.87 a share.
Total revenue increased 11% to $3.49 billion. Analysts were
expecting $3.4 billion.
Costs and expenses at the company rose 24%.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
April 24, 2019 07:41 ET (11:41 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Biogen (NASDAQ:BIIB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Biogen (NASDAQ:BIIB)
Historical Stock Chart
From Apr 2023 to Apr 2024
