Shares of Biogen Inc. /zigman2/quotes/201531540/composite BIIB +1.03% rocketed 39% in very active premarket trading Tuesday, after the biotechnology company reported third-quarter profit and revenue that beat expectations and said it would pursue regulatory approval of its Alzheimer's treatment. Net income rose to $1.55 billion, or $8.39 a share, from $1.44 billion, or $7.15 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS rose to $9.17 from $7.40 to beat the FactSet consensus of $8.28. Revenue grew 5% to $3.60 billion, above the FactSet consensus of $3.54 billion. Revenue for Tecfidera, Biogen's biggest seller, increased 3% to $1.12 billion to match expectations. Earlier, the company said a phase 3 trial of aducanumab, an investigational treatment for Alzheimer's, met its primary endpoint, and as a result, the company said it will pursue regulatory approval. The stock has lost 25.7% year to date through Monday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.89% has climbed 19.9%.
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Biogen’s stock blasts off after surprise reversal on Alzheimer’s drug, earnings beat