Biogen Inc BIIB reported its third-quarter financial results on Wednesday morning, beating the Street’s expectations. Management announced it will be reducing its workforce by 11 percent.
Biogen's earnings came in at $4.48 per share, on revenue of $2.778 billion, ahead of the Street’s consensus estimate of $3.83 per share and $2.663 billion. Management raised 2015 full year guidance and announced a corporate restructuring that will result in an 11 percent reduction in the company’s workforce.
The company announced the first patient enrollment for Phase 3 studies of aducanumab for Alzheimer’s disease, an “agreement to license Mitsubishi Tanabe Pharma’s Phase 3 ready molecule for autoimmune diseases,” and improved sales for its multiple sclerosis drug Tecfidera.
Management also publicized results of a Phase 3 trial for Natalizumab, which did not meet primary and secondary endpoints.
Despite this last piece of not-so-good news, the stock rallied and traded recently at $277.46, up more than 4.3 percent on the day.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
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