UPDATE: Biogen Idec Posts Upbeat Q3 Results, Raises Earnings Forecast
Biogen Idec (NASDAQ: BIIB) reported stronger-than-expected results for the third quarter and raised its earnings forecast for the full year.
The Cambridge, Massachusetts-based company posted quarterly net earnings of $856.9 million, or $3.62 per share, compared to $487.6 million, or $2.05 per share, in the year-ago period. Excluding non-recurring items, the company earned $3.80 per share.
Its revenue surged to $2.51 billion versus $1.83 billion. However, analysts were expecting earnings of $3.46 per share on revenue of $2.48 billion.
TECFIDERA revenue during the quarter came in at $787 million, while Interferon revenue came in at $745 million. TYSABRI revenue came in at $501 million in the quarter. ALPROLIX revenue was $25 million in the quarter, while ELOCTATE revenue came in at $22 million.
“The third quarter was a period of significant achievement as we continued to make progress against our corporate objectives,” said Chief Executive Officer George A. Scangos, Ph.D.
Biogen now expects full-year adjusted earnings of $13.45 to $13.55 per share, versus its earlier outlook of $12.90 to $13.10 per share.
Biogen Idec shares declined 0.24% to $326.00 in pre-market trading.
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