WESTON (dpa-AFX) - Biotechnology company Biogen, Inc. (BIIB), while reporting higher third-quarter results above market estimates, on Thursday trimmed fiscal 2025 earnings forecast, below the Street. Further, the company raised revenue growth view.
In pre-market activity on the Nasdaq, Biogen shares were losing around 1.3% to trade at $146.00.
Biogen said it updated fiscal 2025 guidance to reflect stronger underlying business outlook and investment for growth from business development transactions expected to close in the fourth quarter.
Looking ahead to fiscal 2025, the company now projects adjusted earnings in a range of $14.50 to $15.00 per share, lower than previous estimate of $15.50 to $16.00 per share.
Further, total revenues are now expected to be approximately flat to increasing 1 percent, at constant currency, versus full year 2024. The previous view was for approximately flat with the prior year.
The Street is looking for earnings of $15.76 per share on a revenues of $9.69 billion for the year, representing 0.15 percent growth from last year.
In the quarter, net income attributable to Biogen grew to $466.5 million from last year's $388.5 million. Earnings per share improved 19 percent to $3.17 from $2.66 a year ago.
Adjusted earnings per share were $4.81, compared to $4.08 last year.
The Wall Street analysts on average expectED the company to report earnings of $3.88 per share. Analysts' estimates typically exclude special items.
Total revenue for the quarter grew 3 percent to $2.54 billion from $2.47 billion last year. Revenues grew 2 percent at constant currency rates. The Street expected revenues of $2.34 billion for the quarter.
The company delivered 67 percent year-over-year growth across launch products in Alzheimer's disease, rare disease, and postpartum depression.
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