July 22, 2020 / 11:23 AM / 19 days ago

CORRECTED-UPDATE 1-Biogen raises full-year profit view, quarter boosted by Tecfidera demand

(Corrects paragraph 2 to say Biogen named new CFO, not CEO)

July 22 (Reuters) - Drugmaker Biogen Inc beat analysts’ estimates for quarterly profit on Wednesday on better-than-expected sales of its multiple sclerosis treatment Tecfidera, and boosted its 2020 profit outlook.

Biogen, which named a new chief financial officer on Tuesday, now expects 2020 full-year adjusted profit to be between $34 and $36 per share, from its prior forecast of between $31.50 to $33.50 per share.

Tecfidera brought in $1.18 billion, ahead of Wall Street estimates of $1.11 billion even as the drug faces increasing competition from newer treatments, including Roche Holding AG’s Ocrevus.

In June, Biogen lost a patent dispute with Mylan NV over Tecfidera. The company plans to appeal, but analysts have said the ruling opens the threat of cheaper rivals in the United States.

Net income attributable to the company rose to $1.54 billion, or $9.59 per share, in the three months ended June 30 from $1.49 billion, or $7.85 per share, a year earlier. (bit.ly/3jE7NBM)

Excluding items, Biogen earned $10.26 per share, above Refinitiv IBES estimates of $8.03.

Total revenue rose to $3.68 billion from $3.62 billion. (Reporting by Trisha Roy and Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila, Bernard Orr)

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