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Biogen inventory inched larger on Tuesday after the biotech firm reported adjusted earnings of $4.77 per share on $2.51 billion in third-quarter gross sales.
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On common, analysts polled by FactSet anticipated Biogen (BIIB) to earn $4.13 per share on $2.47 billion in gross sales.
Within the year-earlier interval, the corporate earned $4.77 per share on $2.78 billion in gross sales.
Biogen raised its steering for the 12 months. Now, the corporate expects adjusted earnings of $16.50-$17.15 per share and $10 billion to $10.15 billion in gross sales. Biogen inventory analysts forecasted $16.50 in per-share earnings and $10.01 billion in gross sales.
The corporate additionally teased an upcoming knowledge readout for its Alzheimer’s remedy, lecanemab. Biogen accomplice, Eisai (ESALY), will current Part 3 ends in late November on the Scientific Trials on Alzheimer’s Congress.
In premarket trades on in the present day’s inventory market, Biogen inventory rose 1% close to 277.30.
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Observe Allison Gatlin on Twitter at @IBD_AGatlin.
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