Biogen Idec beats earnings forecasts, as 2nd-qtr 2010 revenues grow 11%
US biotechnology firm Biogen Idec posted second-quarter earnings that exceeded Wall Street estimates, helping the company raise its 2010 earnings outlook, although sales of its multiple sclerosis drug Tysabri (natalizumab) were weaker than expected.
Total sales for the quarter were $1.2 billion, up 11% year over year and above investors' consensus estimate of $1.13 billion. Second quarter 2010 GAAP diluted earnings per share leapt 129% to $1.12. GAAP net income attributable to Biogen for the quarter was $293 million, an increase of 105% over the second quarter of 2009. Non-GAAP diluted EPS was $1.31, an increase of 75%, with non-GAAP net income attributable to Biogen at $343 million, an increase of 57%.
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