Biogen Idec 4th-qtr sales up 7% but earnings fall short of expectations

US biotech firm Biogen Idec (Nasdaq: BIIB) posted fourth-quarter and full-year 2012 results, with generally-accepted accounting principles (GAAP) diluted earnings per share for the three months at $1.23, an increase of 1% over the fourth quarter of 2011. GAAP net income attributable to Biogen Idec for the quarter was $292 million, a fall of 3%.

Non-GAAP diluted EPS for the quarter was $1.40, down 7% and falling short of analysts’ expectations of $1.46. Non-GAAP net income attributable to Biogen Idec for the fourth quarter of 2012 was $335 million, a decrease of 10% from the fourth quarter of 2011. Table 3 includes a reconciliation of our GAAP to non-GAAP results. Fourth quarter revenues increased 7% to $1.4 billion, beating analysts’ forecasts of $1.39 billion and pushing the firm’s shares up as much as 7% in early trading yesterday.

Total revenues in 2012 increased 9% to $5.5 billion year-over-year. Full year GAAP diluted EPS were $5.76, an increase of 14% versus 2011. GAAP net income attributable to Biogen Idec for the year was $1.4 billion, an increase of 12% versus 2011. Non-GAAP diluted EPS for 2012 was $6.53, up 11%, and non-GAAP net income attributable to Biogen Idec for 2012 was $1.6 billion, an increase of 8% versus 2011.