Biogen highlights Q3 growth and outlines restructuring plans

Biogen has published its financial results for the third quarter of 2015 alongside details of a forthcoming restructuring.

The company's revenue total for the period came to $2.8 billion (1.82 billion pounds), up by 11 percent year over year, while non-GAAP diluted earnings per share rose by 18 per cent over the same time frame to $4.48.

Dr George Scangos, chief executive officer of Biogen, said: "We continue to see growth for our market-leading portfolio of MS products, driven by the uptake of our oral therapy Tecfidera in recently-launched countries worldwide and the introduction of Plegridy to new markets."

The corporate restructuring, will include the termination of a number of pipeline programmes and a workforce reduction, with the aim of reducing the current annual run rate of operating expenses by approximately $250 million.

It will allow Biogen to focus on driving growth for Tecfidera and its activities in key strategic areas such as Alzheimer's disease, multiple sclerosis and spinal muscular atrophy.

As such, the firm is now expecting revenue growth of between eight and nine percent for 2015, a modest increase compared to its prior guidance.