Biogen Idec, Inc. (BIIB) Misses Q1 EPS by 9c; Boosts FY14 Outlook

Biogen Idec, Inc. (NASDAQ: BIIB) reported Q1 EPS of $2.47, $0.09 worse than the analyst estimate of $2.56. Revenue for the quarter came in at $2.1 billion versus the consensus estimate of $2 billion.

First Quarter 2014 Performance Highlights

• AVONEX® revenues increased 2% compared to the first quarter of 2013 to $761 million. The total was primarily comprised of $476 million in U.S. sales and approximately $285 million in sales outside the U.S.
• TYSABRI revenues increased by 41% to $441 million as a result of recording 100% of TYSABRI revenues following our acquisition of complete rights to the asset in the second quarter of 2013. Global in-market sales for TYSABRI for the first quarter of 2014 decreased 3% compared to the first quarter of 2013.
• TECFIDERA revenues were $506 million. The total was comprised of $460 million in U.S. sales and approximately $46 million in sales outside the U.S.
• RITUXAN® and GAZYVATM net revenues from our unconsolidated joint business arrangement were $297 million.

Other Financial Results

• Revenues for FAMPYRA® and FUMADERMTM totaled $35 million in the first quarter of 2014, compared to $38 million in the first quarter of 2013.
• Royalty revenues totaled $38 million in the first quarter of 2014, compared to $33 million in the first quarter of 2013.
• Corporate partner revenues totaled $52 million in the first quarter of 2014 compared to $22 million in the first quarter of 2013.
• As of March 31, 2014, Biogen Idec had cash, cash equivalents and marketable securities totaling approximately $2.0 billion.

Biogen Idec, Inc. sees FY2014 EPS of $11.35-$11.45, versus the consensus of $11.32. Revenue growth is expected to be approximately 26% to 28%.

For earnings history and earnings-related data on Biogen Idec, Inc. (BIIB) click here.

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