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Biogen Q3 profit climbs 13.1% YOY as Spinraza boosts revenue growth

Biogen Inc. said its third-quarter non-GAAP net income came to $9.17 per share, compared with the S&P Global Market Intelligence consensus normalized EPS estimate of $8.27.

EPS increased 23.9% year over year from $7.40.

Non-GAAP net income totaled $1.69 billion, an increase of 13.1% from $1.49 billion in the prior-year period.

Total revenues climbed year over year to $3.60 billion from $3.44 billion, and research and development expenses increased 6.4% from the prior-year period to $540.4 million from $507.9 million.

The Cambridge, Mass.-based biotechnology company said revenue growth was partly attributed to neuromuscular drug Spinraza, which raked in $547 million in revenues during the third quarter.

GAAP net income increased 7.1% on an annual basis to $1.55 billion, or $8.39 per share, from $1.44 billion, or $7.15 per share.

Year-to-date through Sept. 30, the company's non-GAAP net income totaled $25.22 per share, a gain from $19.22 per share in the prior-year period.

Non-GAAP net income was $4.81 billion, a gain from $3.98 billion in the prior-year period.

Year-to-date total revenues rose 7.9% from the prior-year period to $10.71 billion from $9.93 billion.