Biogen Inc.’s stock surged 5.3% in premarket trade Thursday, after the biotechnology company beat second-quarter earnings and revenue expectations and provided an upbeat full-year outlook. That offset the announcement that Chief Executive George Scangos will leave after six years at the company, after a successor is found. Earnings for the quarter ended June 30 rose to $1.05 billion, or $4.79 a share, from $927.3 million, or $3.93 a share, in the same period a year ago. Adjusted earnings per share came in at $5.21, above the FactSet consensus of $4.67. Revenue increased 12% to $2.89 billion from $2.59 billion, beating the FactSet consensus of $2.79 billion. For 2016, Biogen expects adjusted EPS of $19.70 to $20.00, above the FactSet consensus of $18.90. Revenue is expected to be $11.2 billion to $11.4 billion, surrounding the FactSet consensus of $11.29 billion. The stock has tumbled 14% year to date through Wednesday, while the S&P 500 has gained 6.3%.
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