UPDATE: Biogen Idec Posts Stronger-Than-Expected Q2 Results, Shares Surge
Shares of Biogen Idec (NASDAQ: BIIB) jumped more than 7% in pre-market trading after the company reported better-than-expected second-quarter earnings and raised its FY14 forecast.
The Cambridge, Massachusetts-based company now projects 2014 adjusted earnings of $12.90 to $13.10 per share on sales growth of 38% to 41%. The company earlier expected earnings of $11.35 to $11.45 per share on sales growth of 26% to 28%.
Biogen Idec posted a quarterly profit of $714.5 million, or $3.01 per share, compared to $490.7 million, or $2.06 per share, in the year-ago period. Excluding amortization and other items, Biogen Idec's earnings rose to $3.49 per share versus $2.30 per share.
Its revenue jumped 41% to $2.42 billion. However, analysts were expecting earnings of $2.83 per share on revenue of $2.16 billion.
Biogen Idec sales of Tecfidera more than tripled to $700.4 million the quarter. Biogen Idec's sales of Avonex came in nearly flat at $773.8 million, while sales for Tysabri climbed 38% to $533.4 million. Alprolix revenue came in at $10 million in the quarter, while Tysabri revenue were $533 million.
Chief Executive Officer George A. Scangos, Ph.D said, “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.”
Biogen Idec shares jumped 7.35% to $326.00 in pre-market trading.
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