Biogen's quarterly profit breezed past Wall Street's estimates, driven by higher demand for its key oral multiple sclerosis drug Tecfidera.
Shares of Biogen rose about 7 percent in premarket trading immediately following the announcement. (Get the latest
Tecfidera sales were about $993 million, helped by inventory stocking, topping consensus estimate of $930 million, compiled by Evercore ISI.
Total revenue rose 7.5 percent to $2.84 billion, beating analysts' average estimate of $2.71 billion, according to Thomson Reuters I/B/E/S.
Net income attributable to the company fell to $831.6 million in the fourth quarter ended Dec. 31, from $883.5 million a year earlier.
On a per share basis, earnings rose to $3.77 from $3.74 due to fewer shares outstanding.
Excluding special items, Biogen earned $4.50 per share, handily beating Wall Street expectations of $4.08.
Analysts had expected Biogen to report earnings of about $4.08 a share on $2.71 billion in revenue, according to a consensus estimate from Thomson Reuters.