{"id":96511,"date":"2016-07-21T14:49:41","date_gmt":"2016-07-21T14:49:41","guid":{"rendered":"http:\/\/healthmedicinet.com\/i\/biogens-profit-easily-beats-street-view-ceo-to-leave\/"},"modified":"2016-07-21T14:49:41","modified_gmt":"2016-07-21T14:49:41","slug":"biogens-profit-easily-beats-street-view-ceo-to-leave","status":"publish","type":"post","link":"http:\/\/healthmedicinet.com\/i\/biogens-profit-easily-beats-street-view-ceo-to-leave\/","title":{"rendered":"Biogen’s profit easily beats Street view; CEO to leave"},"content":{"rendered":"


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Biogen Inc on Thursday reported second quarter profit that blew past Wall Street estimates and significantly raised its full-year earnings forecast, while announcing that Chief Executive George Scangos would step down in the coming months once a successor is found.<\/span><\/p>\n

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Shares of Biogen, whose board also authorized a $5 billion share repurchase program, rose more than 7 percent.<\/p>\n

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“This is the right time for a new leader to take the reins and lead Biogen through its next stage of development,” Scangos said in a statement.<\/p>\n

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The biotechnology company said it will begin a search for a new CEO immediately, considering both internal and external candidates.<\/p>\n

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“When you look at what the growth of this company has been under him by any metric, it’s been a terrific overall six-year run, even if the last 12 months weren’t up to the par of the first five,” said Cowen and Co analyst Eric Schmidt. <\/p>\n

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Biogen now expects 2016 adjusted earnings of $19.70 to $20 per share and revenue of $11.2 billion to $11.4 billion, up from its previous forecast of $18.30 to $18.60 per share and revenue of $11.1 billion to $11.3 billion. <\/p>\n

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Excluding special items, Biogen earned $5.21 per share, topping analysts’ average expectations by 54 cents, according to Thomson Reuters I\/B\/E\/S.<\/p>\n

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Net income rose to $1.05 billion, or $4.79 per share, from $927.3 million, or $3.93 per share, a year earlier.<\/p>\n

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Sales of Tecfidera, the market leading oral multiple sclerosis drug, rose 12 percent to $987 million for the quarter, slightly ahead of Wall Street estimates. Sales of Biogen’s other MS drugs, including Tysabri and Avonex, were in line or ahead of Wall Street estimates.<\/p>\n

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Biogen said it expects to begin selling a new once-monthly MS treatment, Zinbryta, in the United States and Europe next month.<\/p>\n

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Hemophilia drugs Eloctate and Alprolix posted sales of $125 million and $80 million, respectively, above estimates of $190 million for both drugs.<\/p>\n

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Biogen in May announced plans to spin off its hemophilia business into a publicly traded entity and said it now expects that to be completed in early 2017.<\/p>\n

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Amid slowing Tecfidera growth, the company last year embarked on a sweeping restructuring program to cut costs and focus on core areas, such as neurology, with high risk, potentially high reward, experimental treatments for Alzheimer’s disease under development.<\/p>\n

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Total revenue rose 12 percent to $2.89 billion, exceeding Wall Street estimate of $2.79 billion.<\/p>\n

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Biogen shares rose $18.23 to $280.69 on Nasdaq. <\/p>\n

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(Reporting by Bill Berkrot in New York and Natalie Grover in Bengaluru; Editing by Sriraj Kalluvila and Phil Berlowitz)<\/p>\n

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Biogen Inc on Thursday reported second quarter profit that blew past Wall Street estimates and significantly raised its full-year earnings forecast, while announcing that Chief Executive George Scangos would step down in the coming months once a successor is found. Shares of Biogen, whose board also authorized a $5 billion share repurchase program, rose more Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-96511","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"http:\/\/healthmedicinet.com\/i\/wp-json\/wp\/v2\/posts\/96511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/healthmedicinet.com\/i\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/healthmedicinet.com\/i\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/healthmedicinet.com\/i\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/healthmedicinet.com\/i\/wp-json\/wp\/v2\/comments?post=96511"}],"version-history":[{"count":0,"href":"http:\/\/healthmedicinet.com\/i\/wp-json\/wp\/v2\/posts\/96511\/revisions"}],"wp:attachment":[{"href":"http:\/\/healthmedicinet.com\/i\/wp-json\/wp\/v2\/media?parent=96511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/healthmedicinet.com\/i\/wp-json\/wp\/v2\/categories?post=96511"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/healthmedicinet.com\/i\/wp-json\/wp\/v2\/tags?post=96511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}