Biogen Idec 2nd-qtr sales and earnings top analysts expectations
US biotech firm Biogen (Nasdaq: BIIB) pleased markets with its second-quarter 2012 financial results, reporting an 18% rise in revenues to $1.4 billion, on strong sales of its leading drugs. GAAP diluted earnings per share came in at $1.61, an increase of 36% over the second quarter of 2011. The firm’s stock rose 2.7% to $143 million in early morning trading yesterday.
GAAP net income attributable to Biogen Idec for the quarter was $387 million, a rise of 34% from the second quarter of 2011. Non-GAAP diluted EPS for the quarter were $1.82, an increase of 34%, exceeding by $0.26 the average of 21 analysts’ estimates compiled by Bloomberg. Revenue beat estimates by about $90 million. Non-GAAP net income attributable to Biogen Idec for the second quarter was $439 million, up 32%.
Biogen Idec also updated its full year 2012 financial guidance, saying that revenue growth is expected to be in the mid-single digits versus 2011, with non-GAAP diluted EPS is expected to be above $6.20 and GAAP diluted EPS is expected to exceed $5.44.
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