Biogen Boosts FY22 Outlook As Q2 Results Top Estimates
(RTTNews) - While reporting financial results for the second quarter on Wednesday, Biogen Inc. (BIIB) raised its adjusted earnings and revenue guidance for the full-year 2022, based on better-than-expected topline performance and continued cost management. For fiscal 2022, the company continues to project adjusted earnings in the range of $15.25 to $16.75 per share on revenues between $9.90 billion and $10.1 billion.
Previously, the company expected adjusted earnings in the range of $14.25 to $16.00 per share on revenues between $9.70 billion and $10.0 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $15.54 per share on revenues of $9.84 billion for the year. Analysts' estimates typically exclude special items.
For the second quarter, the company reported net income attributable to the company of $1.06 billion or $7.24 per share, sharply higher than $448.5 million or $2.99 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $5.25 per share, compared to $5.58 per share in the year-ago quarter.
Total revenue for the quarter declined 6.7 percent to $2.59 billion from $2.78 billion in the same quarter last year. Revenues were down 5 percent in constant currency.
The Street expected the company to report earnings of $4.10 per share on revenues of $2.48 billion for the quarter.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Biogen Q2 Results Top Estimates; Boosts FY24 Outlook
Biogen Says European Commission Grants TOFIDENCE Biosimilar Approval For Multiple Indications
Biogen To Buy Human Immunology Biosciences In Deal Valued At Up To $1.8 Bln
Biogen Q1 Adj. EPS Tops Estimates, But Sales Miss; Reaffirms FY24 Outlook
Biogen Says European Commission Revokes Marketing Authorizations For Generic Versions Of TECFIDERA
Biogen Q2 Results Top Estimates; Backs FY23 Outlook
Biogen Q1 Results Top Estimates; Reaffirms FY23 Outlook
