Biogen Posts Higher Q2 Earnings, But Sales Miss Views

reported better-than-expected earnings for the second quarter, but the company's revenue missed analysts' estimates. The Cambridge, Massachusetts-based company reported quarterly net income of $927.3 million, or $3.93 per share, compared to $714.5 million, or $3.01 per share, in the year-ago period. Non-GAAP earnings rose 21 percent to $4.22 per share. Its revenue climbed 7 percent year-over-year to $2.6 billion. However, analysts were expecting earnings of $4.10 per share on revenue of $2.71 billion. The average estimate among 55 Estimize users was for earnings of $4.15 per share and revenue of $2.73 billion. Total multiple sclerosis product sales rose to $2.1 billion in the recent quarter, versus $2.0 billion in the year-ago quarter. TECFIDERA revenue climbed to $883 million from $700 million, while Interferon revenue slipped to $690 million from $774 million. TYSABRI revenue dropped to $463 million versus $533 million in the year-ago quarter. Its R&D expense increased to $491 million in the second quarter, from $447 million in the year-ago period. As of June 30, 2015, the company had around $4.5 billion in cash, cash equivalents and marketable securities. "Biogen remains focused on improving the lives of people living with complex diseases," said Chief Executive Officer George A. Scangos, Ph.D. "TECFIDERA, which is now the most prescribed oral MS therapy globally, is experiencing moderated patient growth following rapid initial uptake. The launch of PLEGRIDY® is expanding into new markets, and TYSABRI® continues to add new patients requiring higher efficacy. Additionally, our hemophilia products are being adopted by an increasing number of patients, and we are working toward the anticipated launches of our first two biosimilar candidates in Europe next year." Biogen lowered its FY15 adjusted earnings guidance to $15.50 to $15.95 per share, versus analysts' estimates of $16.63 per share. It projects FY15 sales growth of 6 percent to 8 percent year-over-year. Biogen shares declined 5.01 percent to $365.75 in pre-market trading.