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Biogen Inc. stock price
Biogen Inc. latest news:
Alkermes Could Win Big With New Biogen Partnership
UPDATE 4-Biogen dives as Spinraza U.S. sales miss estimates
* Shares fall as much as 8.14 pct in early trading
(Adds details of payment to Neurimmune related to Aducanumab,
Biogen stock drops 7% on concerns about Spinraza revenue growth
Biogen Inc. shares plummeted as much as 7% in extremely heavy Tuesday morning trade after Wall Street analysts raised questions about revenue growth for rare disease therapy Spinraza. Though sales of the spinal muscular atrophy therapy came in above analyst expectations, or $271 million compared with the FactSet consensus of $253 million, U.S. sales for the drug barely budged, coming in at $198 million compared with $195 million in the second quarter. (Spinraza was approved late last year.) Mizuho analyst Salim Syed described the growth as "flattish." However, because of $30 million of revenue build in the second quarter, "U.S. sales were not really flat," said Bernstein analyst Ronny Gal. "Our estimate is the rate of new US starts will be relatively stable and this will drive slight but limited US growth," Gal said, adding that it's likely that site capacity is slowing down new starts at existing sites. Biogen's shares declined in Tuesday trade despite reporting third-quarter profit and revenue beats, which EvercoreISI analyst Umer Raffat said "seems a bit overdone to me." Biogen management described Spinraza as a "key current and future growth driver" during its Tuesday third-quarter earnings call. "We expect that Spinraza continues on a strong trajectory in terms of patient uptake in the U.S. and internationally," said Biogen Chief Executive Michel Vounatsos, according to the FactSet earnings transcript. "However, due to the impact of the dosing scheduling, we anticipate Spinraza revenue growth in Q4 will be mostly driven by ex-U.S. markets." Biogen shares have surged 8.9% over the last three months, compared with a 4% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Biogen posts 18.7 pct jump in quarterly profit
U.S. drugmaker Biogen Inc (BIIB) on Tuesday reported an 18.7 percent rise in quarterly profit, driven by strong demand for its recently approved spinal muscular atrophy drug, Spinraza. Total revenue rose to $3.08 billion from $2.96 billion.
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