Solid 2011 financials from Biogen Idec but forecast disappoints

US biotech firm Biogen Idec (Nasdaq: BIIB) announced its full year and fourth quarter 2011 results which were slightly ahead of consensus forecasts, but full-year 2012 disappointed, leading the company’s stock down 1.4% to $115 in early trading yesterday.

Fourth quarter revenues increased 9% to $1.3 billion, with GAAP diluted earnings of $1.22, an increase of 23% over the fourth quarter of 2010. GAAP net income attributable to Biogen Idec for the quarter was $300 million, a year-on-year increase of 25%. Non-GAAP diluted EPS for the quarter was $1.51, up 6% and $0.02 above consensus estimates. Non-GAAP net income attributable to Biogen Idec was $370 million, an increase of around 7%.

Total revenues in full year 2011 rose 7% to $5.0 billion. GAAP diluted EPS was $5.04, an increase. GAAP net income attributable to Biogen Idec for the year was $1.2 billion, up 23% versus 2010. Non-GAAP diluted EPS was $5.90, a rise of 15% over 2010. Non-GAAP net income attributable to Biogen Idec was $1.4 billion, an increase of about 10% versus 2010.