LONDON (ShareCast) - (Sharecast News) - US biotech Biogen saw third-quarter profits come in ahead of analysts' estimates as a result of double-digit sales growth of its muscular atrophy treatment Spinraza.
For the three months ended 30 September, the multiple sclerosis and muscular atrophy specialist reported a 17% increase in net income to $1.44bn, or $7.15 on a per share basis, while total revenues rose 11.7% to $3.44bn.

Adjusted for certain items, Biogen pulled in $7.40 per share, well above analysts' estimates of $6.78 per share.

Spinraza, Biogen's spinal muscular atrophy treatment, reported sales of $468m throughout the quarter, ahead of Wall Street estimates of $448.1m.

Elsewhere, sales of multiple sclerosis treatment Tecfidera rose 1.9% to $1.09bn, which was slightly short of the consensus estimate of $1.11bn, while its other MS drug, Tysabri, brought in $470m throughout the estimates, also above estimates.

After the opening bell, Biogen shares were little moved at $315.55.

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