Biogen Inc beat analysts' estimates for fourth-quarter profit and revenue on Tuesday, driven by demand for its muscle disease treatment Spinraza and top-selling multiple sclerosis drug Tecfidera.
Spinraza, the first approved treatment for spinal muscular atrophy, brought in $470 million in the quarter, but fell short of analysts' estimate of $487.9 million, according to IBES data from Refinitiv.
Sales of Tecfidera rose 3.2 percent to $1.11 billion, narrowly beating analysts' estimates of $1.10 billion.
Net income attributable to Biogen was $946.8 million, or $4.73 per share, for the three months ended Dec. 31, compared with a net loss of $297.4 million, or $1.40 per share, a year earlier, which included a charge of $1.2 billion related to the U.S. tax overhaul.
The company expects full-year adjusted earnings in the range of $28.00-$29.00 per share. Analysts were expecting $27.94.
Excluding items, it earned $6.99 per share, above the average analyst estimate of $6.73.
Total revenue rose 6.6 percent to $3.53 billion, exceeding estimate of $3.40 billion.
(Reporting by Manogna Maddipatla and Saumya Sibi Joseph in Bengaluru; Editing by Sriraj Kalluvila) ((manojna.kalyani@thomsonreuters.com; within the U.S. +1 646 223 8780, outside the U.S. +91 80 6749 1692; Reuters Messaging: manojna.kalyani.thomsonreuters.com@reuters.net))
