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Biogen Inc. stock price
Biogen Inc. latest news:
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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Biotech ETF on track for fourth straight daily rise, hits highest level since 2015
The largest exchange-traded fund to track the biotechnology sector rallied on Thursday, moving in its biggest one-day percentage pop since June as it hit levels not seen since early 2016. The iShares Nasdaq Biotechnology ETF jumped 2.3% to $331.62, and earlier rose as high as $333.30. That represented the highest level for the fund since the last trading day of 2015, according to FactSet data. The ETF has been a strong performer of late. Thursday is set to be its fourth straight daily increase; for the week it is up 6.6%, on pace for its biggest weekly gain since June. Among the fund's biggest gainers, Biogen Inc. added 3.9% while BioMarin Pharmaceutical Inc. was up 2.2% and Gilead Sciences added 2.1%.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.
Biotech stocks rally, ETF on track for third straight daily gain
Biotechnology stocks rallied on Wednesday, with one of the biggest exchange-traded funds dedicated to the sector on track for its third straight daily advance. The iShares Nasdaq Biotechnology ETF gained 1.3%, bringing its week-to-date rise to 3.6%. Among the biggest gainers in the sector, Gilead Sciences Inc. popped 5.6%, bringing its gain over the past three months to 23.7%. The stock is on track for its largest percentage gain since November, as well as its highest close since September 2016. Separately, Incyte Corp. added 4.5% while BioMarin Pharmaceutical Inc. advanced 4.8%. Biogen Inc. gained 2.4% while Regeneron Pharmaceuticals Inc. was up 2%. On the downside within the pharmaceutical sector, U.S.-listed shares of Novartis AG were down 1%. The company's CAR-T cell therapy was approved by the Food and Drug Administration on Wednesday, making it the first gene therapy to be available in the U.S. 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.
Samsung, Biogen version of AbbVie's Humira approved in Europe
Aug 24 (Reuters) - Biogen Inc's version of AbbVie
Inc's blockbuster arthritis drug Humira has been
approved by European Union regulators, Biogen and joint venture
partner Samsung Biologics said on Thursday.
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