UPDATE: Biogen Idec Posts 22% Rise In Q3 Profit, Lifts Full-Year Outlook
Biogen Idec (NASDAQ: BIIB) reported a 22% rise in its third-quarter earnings and lifted its full-year view.
Biogen Idec now expects full-year adjusted earnings of $8.65 to $8.85 per share on revenue growth of 23% to 25%. The company in July expected earnings of $8.25 to $8.50 per share on revenue growth of 22% to 23%.
Biogen Idec's quarterly profit surged to $487.6 million, or $2.05 per share, from $398.4 million, or $1.67 per share, in the year-ago period. Excluding one-time items, its earnings climbed to $2.35 from $1.91.
Its revenue rose 32% to $1.83 billion. However, analysts were expecting earnings of $2.10 per share on revenue of $1.78 billion.
Biogen Idec shares gained 2.39% to $258.29 in pre-market trading.
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