Biogen (BIIB) reported revenue of $1.31 billion, up 11% from the year-ago quarter. Earnings per share rose 19% to $1.61. Analysts polled by Thomson Reuters, on average, had expected sales of $1.26 billion and profit of $1.51 a share.
Higher-than-expected sales of Biogen's two leading drugs, Avonex and Tysabri, drove the results. Both of them treat multiple sclerosis, and together they account for more than half of the company's revenue.
Biogen's full-year guidance was the same as last quarter, except it refined its sales-growth estimate from "low to midsingle digits" to simply "midsingle digits." Profit guidance, however, appears to be very conservative compared with what analysts expect; EPS is forecast "above $5.70" while analysts' consensus is $5.88.
Shares are up 2% in mid-day trading, enough for another all-time high after the stock was hoisted aloft three days ago by good trial results on Biogen's next MS drug, BG-12. That product, which unlike the previous drugs is taken orally, has had analysts seeing blockbuster potential.
"Overall a solid quarter that could push the stock modestly up today — however, clearly investor focus here is not on 2011 financial results," analyst Mark Schoenebaum of ISI Group wrote in an email before the open.
On a conference call with analysts, CEO George Scangos said Biogen plans to file for official FDA approval of BG-12 in the first half of next year.
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