Biogen Idec, Inc. (BIIB) Tops Q2 EPS Views; Boosts FY14 Expectations

Biogen Idec, Inc. (Nasdaq: BIIB) reported Q2 EPS of $3.49, $0.68 better than the analyst estimate of $2.81. Revenue for the quarter came in at $2.42 billion versus the consensus estimate of $2.14 billion.

Second Quarter 2014 Performance Highlights

• TECFIDERA revenues were $700 million, consisting of $585 million in U.S. sales and $115 million in sales outside the U.S.
• AVONEX® revenues were $774 million in the second quarter of 2014. The total was composed of $498 million in U.S. sales and $276 million in sales outside the U.S.
• TYSABRI revenues were $533 million, consisting of $250 million in U.S. sales and $284 million in sales outside the U.S.
  • TYSABRI sales outside the U.S. included $54 million of previously deferred revenue from February 2013 through March 31, 2014, which was recognized during the quarter following an agreement with AIFA. Beginning in the second quarter of 2014, sales of TYSABRI in Italy were recorded at the full reimbursed price. The Company continues to be in discussions with AIFA to resolve its dispute for the periods February 2009 through January 2013.
• Net revenues relating to RITUXAN and GAZYVA from our unconsolidated joint business arrangement were $303 million in the second quarter of 2014, compared to $289 million in the second quarter of 2013.
• ALPROLIXTM revenues were $10 million in the second quarter of 2014.

“This past quarter highlighted significant accomplishments across our business, from the approval of ELOCTATE for hemophilia A, to the continued patient uptake of TECFIDERA in the U.S. and new markets worldwide, to strong clinical results for important emerging MS treatments,” said Chief Executive Officer George A. Scangos, Ph.D. “During this time we also announced our intent with Swedish Orphan Biovitrum AB to donate up to one billion international units of clotting factor to humanitarian organizations, which we hope will have a significant impact on the lives of patients in developing countries who may otherwise not have access to these therapies.”

Biogen Idec, Inc. sees FY2014 EPS of $12.90 - $13.10, versus the consensus of $11.53. Revenue growth is expected to be approximately 38 - 41 percent, from prior expectations of 26 - 28 percent growth.

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

You May Also Be Interested In

• BayCom Corp (BCML) Misses Q1 EPS by 4c
• Intuitive Surgiical (ISRG) beats earnings, revenue expectations in Q1
• Marten Transport (MRTN) Misses Q1 EPS by 2c