Biogen report strong Q2 2016 results and CEO succession plans

Biogen has announced its financial results for the second quarter of 2016, during which it experienced strong double-digit growth.

The company's total revenues for the quarter came to $2.9 billion (2.21 billion pounds), up by 12 percent on the corresponding period of last year. This growth was driven by the strong momentum of its multiple sclerosis and haemophilia businesses.

As a result, the firm has raised its financial guidance for the full year and expects a revenue total of between $11.2 and $11.4 billion, while the board has also authorised a $5 billion share repurchase programme.

Following the release of this financial report, Biogen has confirmed that its chief executive officer George Scangos will be leaving the company in the coming months, once a successor can be found.

He has been with Biogen for six years and has been credited with leading a positive transformation, with the business's revenues, earnings and stock price all having increased since he took over.

Dr Scangos said: "This is the right time for a new leader to take the reins and lead Biogen through its next stage of development."