Biogen Inc (NASDAQ: BIIB) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced its earnings for the second quarter, beating expectations. The news also comes ahead of the company’s Alzheimer’s presentation. Of course, the strong earnings and coming catalysts are points of excitement for investors who are sending the stock on a run for the top.
BIIB Heads Up On Earnings
As mentioned above, Biogen is having an incredibly strong start to the trading session this morning after the company reported its earnings for the second quarter, beating expectations. Here’s what we saw from the report:
- Revenue – When it comes to revenue BIIB definitely did not disappoint. During the second quarter, the company generated revenue in the amount of $3.36 billion. That proved to be a 9.1% increase over the $3.08 billion that was reported last year. A good portion of the revenue growth came from Spinraza sales, which increased 108% to $423 million.
- Earnings Per Share – In terms of earnings per share, the company did very well also, During the second quarter, analysts expected that the company would generate earnings in the amount of $5.25 per share. However, the company actually reported earnings in the amount of $5.80 per share, blowing away expectations.
- Guidance – Finally, guidance also proved to be positive. In terms of earnings, BIIB said that it now expects for earnings to come in between $24.90 and $25.20 per share for the full year. That compares well to previous guidance of between $24.20 per share and $25.20 per share. The company also increased its revenue range, saying that it expects to generate between $13 billion and $13.2 billion throughout the year. That figure was increased from the most recent guidance of betwee $12.7 billion and $13 billion.
A Catalyst Is Just Around The Corner
The earnings report boosts the bullish opinion in Biogen ahead of a catalyst that’s just around the quarter. Soon, BIIB will be presenting at the Alzheimer’s Association International Conference (AAIC) in Chicago. During the presentation, the company will discuss the encouraging results surrounding its candidate known as BAN2401. Experts have pointed out that the promising data surrounding the Phase 2 study are the most encouraging to date in the fight against the ailment. With such support from the medical community, all eyes are on the compnay’s work, and the presentation could prove to be a big catalyst.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. When it comes to Biogen, the news proved to be overwhelmingly positive. After all, strong financial results are just what investors like to see. So, it’s no surprise that excited investors are sending the stock on a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:34), BIIB is trading at $375.90 per share after a gain of $17.77 per share or 4.96% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on BIIB. In particular, we’re interested in following the company’s continued growth as well as the company’s continued work with their promising Alzheimer’s candidate. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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