Biogen profit more than doubles on Samsung Bioepis stake sale
2022.07.20 14:38
FILE PHOTO: A sign marks a Biogen facility in Cambridge, Massachusetts, U.S. January 26, 2017. REUTERS/Brian Snyder/File Photo
(Reuters) -Biogen Inc on Wednesday posted second-quarter profit that more than doubled, driven by a roughly $1.5-billion gain from the sale of its equity stake in the Samsung (KS:005930) Bioepis Joint Venture.
The drugmaker also raised its annual profit forecast to $15.25 to $16.75 per share from $14.25 to $16.00 previously.
Samsung Biologics Co Ltd said in January it plans to acquire Biogen (NASDAQ:BIIB)’s entire stake in their Samsung Bioepis joint venture worth $2.33 billion.
Net income attributable to Biogen rose to $1.06 billion, or $7.24 per share, in the quarter ended June 30, from $448.5 million, or $2.99 per share, a year ago.
