UPDATE: Biogen Idec Posts Downbeat Q4 Profit, Issues Weak 2013 Profit Forecast
Biogen Idec (NASDAQ: BIIB) reported a 2.7% drop in its fourth-quarter earnings.
Biogen expects 2013 adjusted earnings of $7.15 to $7.25 per share on around 10% rise in revenue. However, analysts were expecting a profit of $7.27 per share on 9% revenue growth.
Biogen's quarterly profit fell to $292.1 million, or $1.23 per share, from $300.2 million, or $1.22 per share, in the year-ago period. Excluding one-time items, it earned $1.40 per share.
Its revenue rose 6.9% to $1.42 billion. However, analysts expected earnings of $1.46 per share on revenue of $1.39 billion.
Biogen shares closed at $146.20 on Friday.
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