Ahead of the opening bell this morning, biotech heavyweight Biogen (NASDAQ: BIIB) posted stronger-than-expected fourth-quarter results. The biotech exceeded Factset's consensus estimates for both its top and bottom line during the three-month period. Biogen's standout quarter was due mainly to the strong sales of its lead multiple sclerosis (MS) medication Tecfidera ($1.16 billion), spinal muscular atrophy drug Spinraza ($543 million), and ever-growing royalty stream from Roche's top-selling MS treatment Ocrevus ($205 million).
Adding fuel to the fire, Biogen also reported a sizable 12% decline in selling, general, and administrative expenses, as well as a 13% drop in research and development costs in the fourth quarter of 2019, relative to the same period a year ago. These substantial cost-cutting efforts significantly boosted the biotech's bottom line for the quarter.
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Source Fool.com