CAMBRIDGE, Mass.--(BUSINESS WIRE)--Biogen Inc. (NASDAQ: BIIB) today reported third quarter 2016 financial results, including:
Total revenues of $3.0 billion, a 6% increase versus the same quarter in the prior year.
Growth was driven by a 10% increase in worldwide TECFIDERA® revenues as well as increased revenues from TYSABRI®, ELOCTATE®, ALPROLIX®, and BENEPALI®. Revenues were partially offset by a decrease in worldwide interferon sales.
In the U.S., Biogen estimates that TECFIDERA benefited by approximately $40 million to $50 million versus prior quarter due to inventory build in the channel. Outside the U.S., third quarter 2016 TECFIDERA revenue decreased versus second quarter primarily due to parallel trade dynamics.
Foreign exchange negatively impacted total revenues by approximately $54 million compared with the third quarter of 2015, driven by changes in hedge results.
GAAP net income attributable to Biogen Inc. of $1.0 billion, a 7% increase versus the same quarter in the prior year. GAAP diluted earnings per share (EPS) of $4.71, a 13% increase versus the same quarter in the prior year.
Non-GAAP net income attributable to Biogen Inc. of $1.1 billion, a 9% increase versus the same quarter in the prior year. Non-GAAP diluted EPS of $5.19, a 16% increase versus the same quarter in the prior year.
Total revenues of $3.0 billion, a 6% increase versus the same quarter in the prior year.
Growth was driven by a 10% increase in worldwide TECFIDERA® revenues as well as increased revenues from TYSABRI®, ELOCTATE®, ALPROLIX®, and BENEPALI®. Revenues were partially offset by a decrease in worldwide interferon sales.
In the U.S., Biogen estimates that TECFIDERA benefited by approximately $40 million to $50 million versus prior quarter due to inventory build in the channel. Outside the U.S., third quarter 2016 TECFIDERA revenue decreased versus second quarter primarily due to parallel trade dynamics.
Foreign exchange negatively impacted total revenues by approximately $54 million compared with the third quarter of 2015, driven by changes in hedge results.
GAAP net income attributable to Biogen Inc. of $1.0 billion, a 7% increase versus the same quarter in the prior year. GAAP diluted earnings per share (EPS) of $4.71, a 13% increase versus the same quarter in the prior year.
Non-GAAP net income attributable to Biogen Inc. of $1.1 billion, a 9% increase versus the same quarter in the prior year. Non-GAAP diluted EPS of $5.19, a 16% increase versus the same quarter in the prior year.
