RTTNews | Oct 20, 2021 07:32AM EDT

07:32 Wednesday, October 20, 2021 (RTTNews.com) - While reporting third-quarter results on Wednesday, Biogen Inc. (BIIB) increased its full year 2021 financial guidance. The updated financial guidance assumes minimal ADUHELM revenue in 2021, ramping thereafter. Also, the company expects it will utilize a portion of the remaining share repurchase authorization of $2.8 billion through the end of 2021.

For the full year 2021, the company now expects non-GAAP earnings per share in a range of $18.85 to $19.35, updated from prior range of $17.50 to $19.00. Total revenue is now anticipated in a range of $10.8 to $10.9 billion, revised from a range of $10.65 to $10.85 billion. Analysts polled by Thomson Reuters expect the company to report profit per share of $18.61 on revenue of $10.76 billion. Analysts' estimates typically exclude special items.

"The potential uptake of ADUHELM in the U.S. is delayed, but we continue to believe in its long-term potential," said Michel Vounatsos, Biogen's CEO.

Third-quarter adjusted profit per share was $4.77 compared to $5.64, prior year. On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $4.11, for the quarter. Analysts' estimates typically exclude special items. Net profit to company was $329.2 million or $2.22 per share compared to $701.5 million or $4.46 per share.

Third quarter total revenue was $2.78 billion, down 18% from prior year at both actual currency and constant currency. Analysts expected revenue of $2.67 billion, for the quarter. Multiple sclerosis revenue, including royalties on sales, of $1.82 billion, declined 19% at actual currency and 20% at constant currency. ADUHELM revenue was $0.3 million, for the quarter.

Read the original article on RTTNews ( https://www.rttnews.com/3233977/biogen-raises-fy21-guidance-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved