Biogen's 4th-qtr net income climbs 85%

Fourth-quarter 2007 income at US biotechnology company Biogen Idec was $201.2 million, equivalent to $0.67 per share, up 85.3% on the comparable period last year. Excluding various one-time costs and charges related to the acquisition of Syntonix early last year (Marketletter January 15, 2007), the firm's income was $266.0 million or $0.89 per share, ahead of the $0.80 EPS predicted by a Thomson Financial analyst survey.

Biogen said that revenues for the period were up 26% to $893.3 million, largely due to the performance of Rituxan (rituximab), that it co-markets with Genentech, and Avonex (interferon beta-1a), turnover from which increased 17% to $254.0 million and 15% to $503.0 million, respectively. The contribution from Tysabri (natalizumab), which the firm sells in partnership with Ireland's Elan, increased $18.0 million to $90.0 million for the quarter.

For full-year 2007, Biogen's income, on a generally-accepted accounting principles basis, grew a massive 193% to $638.0 million with earnings per share at $1.99, while annual revenue increased 18% to $3.17 billion.