CAMBRIDGE, Mass. (AP) — Biogen Inc. (BIIB) on Wednesday reported third-quarter earnings of $965.6 million.
The Cambridge, Massachusetts-based company said it had net income of $4.15 per share. Earnings, adjusted for one-time gains and costs, were $4.48 per share.
The results surpassed Wall Street expectations. The average estimate of 23 analysts surveyed by Zacks Investment Research was for earnings of $3.83 per share.
The biotechnology company posted revenue of $2.78 billion in the period, which also beat Street forecasts. Twenty-five analysts surveyed by Zacks expected $2.66 billion.
Biogen expects full-year earnings in the range of $16.20 to $16.50 per share.
Biogen shares have dropped 22 percent since the beginning of the year, while the Standard & Poor’s 500 index has dropped slightly more than 1 percent. The stock has dropped 15 percent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BIIB at http://www.zacks.com/ap/BIIB
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Keywords: Biogen, Earnings Report
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