Biogen's (BIIB) product portfolio continues to grow, and the future looks good as well: High capital returns and investments that are poised to generate growth in the future provide a good long term outlook. Due to a relatively low valuation shares look attractive.

Revenues grew at an attractive pace of 7% year over year, and profits came in more than 12% higher than expected (although at a slightly lower level than in last year's second quarter).

Biogen's product sales grew primarily due to a 12% increase in Tecfiderasales, which hit $1.1 billion for the quarter, as well as due to the steep growth of Spinraza, which saw a sales increase of about 300% (quarter to quarter), although from a low level: The relatively new drug is still in a steep ramp-up phase, as peak sales are expected to total about $2.5 billion (or $600 million per quarter, about three times the current level). With that ramp-up still ahead for Spinraza, the drug will be a main growth driver for Biogen going forward.

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