Biogen Idec 3rd-qtr beats on revenues and earnings
US biotech firm Biogen Idec (Nasdaq: BIIB) says its net income for the third-quarter of 2013 rose to $487.6 million, or $2.05 per share. Revenue jumped 32% to $1.83 billion. Biogen Idec shares are trading at all-time highs, rising 2.8%, to $259.40 in morning trading (October 28) after reaching as high as $2.62 earlier.
Excluding special items, earnings per share were $2.35 per share. Revenue for the quarter leapt 32% to $1.83 billion. Analysts expected EPS of $2.11 per share and $1.78 billion in revenue, according to FactSet.
Biogen Idec is now forecasting earnings of $8.65 to $8.85 per share for the full year, noting that revenue will grow between 23% and 25%, to $6.79 billion to $6.9 billion. Analysts on average are expecting net income of $8.62 per share and $6.83 billion in revenue.
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