BioCentury
ARTICLE | Company News

Biogen gains as cost-cutting drives earnings

April 22, 2016 3:07 AM UTC

Biogen Inc. (NASDAQ:BIIB) added $13.71 to $279.60 on Thursday after it reported 1Q16 earnings that narrowly missed consensus revenue estimates, but topped non-GAAP EPS expectations as SG&A and R&D expenses decreased. Revenues were $2.73 billion, up from $2.56 billion in 1Q15 but short of the $2.75 billion consensus. Non-GAAP EPS were $4.79, rising from $3.82 in 1Q15 and beating the $4.47 consensus.

Biogen's R&D expenses were $437 million in 1Q16, lower than the $461 million in 1Q15 and down 19% from $542 million in 4Q15. SG&A expenses in 1Q16 were $497 million compared to $560 million in 1Q15 and $583 million in 4Q15. ...