Biogen misses by $0.19, beats on revs; guides FY18 EPS above consensus, revs above consensus
- Reports Q4 (Dec) earnings of $5.26 per share, excluding non-recurring items, $0.19 worse than the Capital IQ Consensus of $5.45; revenues rose 15.1% year/year to $3.31 bln vs the $3.08 bln Capital IQ Consensus. MS revenues grew 5% versus prior year to $2.3 billion, which included $77 million in royalties on our estimate of OCREVUS sales. U.S. MS revenues in the fourth quarter of 2017 benefited by ~$40 million from increased inventory in the channel for TECFIDERA, AVONEX, PLEGRIDY, and TYSABRI compared to the third quarter of 2017.
- Tecfidera sales +7% to $1.08 bln; Spinraza (owned by IONS) +34% Q/Q to $363 mln.
- Co issues upside guidance for FY18, sees EPS of $24.20-25.20, excluding non-recurring items, vs. $24.13 Capital IQ Consensus Estimate; sees FY18 revs of $12.7-13.0 bln vs. $12.68 bln Capital IQ Consensus Estimate.
- "With a renewed focus on our strategic priorities, we delivered record full year revenues, solid earnings, and significant progress in strengthening the foundation for our future with seven additions to our neuroscience pipeline in 2017." "Our core MS business demonstrated resilience in an increasingly competitive market, and SPINRAZA has had one of the most successful rare disease launches of all time, bringing new hope to patients and their families. We are also proud of our achievements in business development, with 2017 being one of the most productive years in Biogen's history."