Biogen Idec's 3rd-qtr income rockets 476%

USA-based biotechnology firm Biogen Idec says that its net income for the third quarter of 2006 was $156.6 million, or $0.45 per share, on a generally-accepted accounting principles basis, representing a 475.7% increase on the comparable period last year. The firm also said that its non-GAAP diluted earnings per share were $0.60, adding that this figure included $60.0 million in charges relating its acquisition of Conforma and Fumapharm (Marketletters May 15 and June 12).

Biogen explained that the 18% hike in its revenues for the period, to $703.0 million, had driven its income growth. Specifically, the firm cited increased sales of the multiple sclerosis treatment Avonex (interferon beta-1a), up 19% to $445.0 million, and the anticancer drug Rituxan (rituximab), which grew 19% to $445.0 million, as key performers. In addition, the MS agent Tysabri (natalizumab), developed in collaboration with Ireland's Elan and recently returned to the market, contributed $8.0 million to its turnover.

Analysts surveyed by Thompson Financial expected Biogen to see earnings of $0.49 per share and reach revenues of $681.0 million, with estimates excluding both one-time charges and stock option expenses.