Biogen beats by $0.77, beats on revs; lowers FY 20 EPS/Revenue guidance, announces $5 bln share repurchase (267.12)
- Reports Q3 (Sep) earnings of $8.84 per share, excluding non-recurring items, $0.77 better than the S&P Capital IQ Consensus of $8.07; revenues fell 6.2% year/year to $3.38 bln vs the $3.34 bln S&P Capital IQ Consensus.
- Multiple sclerosis (MS) revenues, including $272 million in royalties on sales of OCREVUS®, decreased 4% versus the prior year to $2,257 million.
- SPINRAZA revenues decreased 10% versus the prior year to $495 million.
- Co also announces new $5.0 billion share repurchase authorization
- Co issues mixed guidance for FY20, sees EPS of $32.50-33.50, excluding non-recurring items, vs. $31.98 S&P Capital IQ Consensus; sees FY20 revs of ~$13.2-13.4 vs. $13.8 bln S&P Capital IQ Consensus