WALTHAM, Mass.--(BUSINESS WIRE)--Bioverativ Inc. (NASDAQ: BIVV) today reported financial results for the first quarter of 2017.
Key financial results include:
• First quarter 2017 revenues of $259.1 million, a 35% increase versus the same quarter in the prior year
• First quarter 2017 GAAP net income of $69.3 million, a 4% increase over the prior year; Non-GAAP net income of $74.0 million, a 64% increase over the prior year
• First quarter 2017 GAAP earnings per share of $0.64; Non-GAAP earnings per share of $0.68
• Net cash flows from operations of $108.2 million during the quarter increased 116% over the prior year
“We are pleased with the execution of the spin-off and launch of Bioverativ. In our first quarter as an independent company, the results underscore the strength of our hemophilia portfolio and our ability to drive ELOCTATE® and ALPROLIX® performance,” said John Cox, Chief Executive Officer of Bioverativ. “Our products continue to deliver growth as an increasing number of patients are treated with these life-changing therapies across each of our geographies.”
“We are focused on advancing our strategy to become a leading hematology rare disease company by driving commercial performance, advancing our pipeline, and pursuing business development opportunities,” Mr. Cox continued. “Our strong financial position, ability to generate meaningful free cash flow, and world-class scientific expertise provide us with the means to invest in innovation while always remaining focused on maximizing shareholder value.”
Key financial results include:
• First quarter 2017 revenues of $259.1 million, a 35% increase versus the same quarter in the prior year
• First quarter 2017 GAAP net income of $69.3 million, a 4% increase over the prior year; Non-GAAP net income of $74.0 million, a 64% increase over the prior year
• First quarter 2017 GAAP earnings per share of $0.64; Non-GAAP earnings per share of $0.68
• Net cash flows from operations of $108.2 million during the quarter increased 116% over the prior year
“We are pleased with the execution of the spin-off and launch of Bioverativ. In our first quarter as an independent company, the results underscore the strength of our hemophilia portfolio and our ability to drive ELOCTATE® and ALPROLIX® performance,” said John Cox, Chief Executive Officer of Bioverativ. “Our products continue to deliver growth as an increasing number of patients are treated with these life-changing therapies across each of our geographies.”
“We are focused on advancing our strategy to become a leading hematology rare disease company by driving commercial performance, advancing our pipeline, and pursuing business development opportunities,” Mr. Cox continued. “Our strong financial position, ability to generate meaningful free cash flow, and world-class scientific expertise provide us with the means to invest in innovation while always remaining focused on maximizing shareholder value.”
