REUTERS: Drugmaker Biogen Inc beat analysts' estimates for first-quarter profit on Wednesday, boosted by higher sales of its growth driver Spinraza, even as its top-selling multiple sclerosis drug faces intensifying competition.
The company's shares rose 2.1 pct to US$235.01 in pre-market trading.
Spinal muscular atrophy treatment Spinraza brought in US$518 million in the quarter, beating Refinitiv IBES estimates of US$486.4 million.
Biogen's multiple sclerosis drug Tecfidera, which brought in US$999 million in the quarter, missed estimates, and faces several challenges to its intellectual property, which is key to shielding the blockbuster drug from generic competition.
The company suffered an US$18 billion drop in market value when the drugmaker and its partner Eisai Co Ltd last month ended two late-stage trials of their experimental Alzheimer's treatment aducanumab.
Biogen said it expects a nearly US$125 million reduction in operating expenses during the year related to the discontinuation of aducanumab, with net savings of about US$80 million.
Net income attributable to the company rose 20 percent to US$1.41 billion, in the quarter ended March 31. (https://bit.ly/2L1UlKL)
On an adjusted basis, the company earned US$6.98 per share on revenue of US$3.49 billion. Analysts had expected the company to earn US$6.87 per share on revenue of US$3.39 billion.
(Reporting by Manojna Maddipatla and Saumya Sibi Joseph in Bengaluru; Editing by Shounak Dasgupta)