Biogen Idec Inc. (NASDAQ: BIIB) reported its third-quarter results before the market opened Wednesday as $3.80 in earnings per share and $2.5 billion in revenue. That was against Thomson Reuters has consensus estimates of $3.46 in earnings per share and $2.48 billion in revenue. In the third-quarter of the previous year, it had earnings of $2.35 per share and revenue of $1.83 billion.
The company updated its guidance for the 2014 full year. Revenue growth is expected to be 38% to 41% compared to 2013, and earnings per share are expected to be in the range of $13.45 to $13.55. These increases are due to updated business development expectations. Thomson Reuters has full-year earnings estimates of $13.10 per share and $9.69 billion in revenue.
Net revenue for the third quarter was $856 million, up roughly 76% from the same period of the previous year of $487 million.
A few performance highlights from third-quarter drug sales:
- Tecfidera revenues were $787 million, consisting of $638 million in U.S. sales and $149 million in sales outside the United States.
- Interferon revenues, including Avonex and Plegridy, were $745 million, consisting of $482 million in U.S. sales and $263 million in sales outside the United States.
- Tysabri revenues were $501 million, consisting of $275 million in U.S. sales and $226 million in sales outside the United States.
- Net revenues relating to Rituxan and Gazyvz from Biogen’s unconsolidated joint business arrangement were $291 million.
- Alprolix revenues were $25 million and Eloctatetm revenues were $22 million.
CEO George A. Scangos Ph.D. said:
We introduced innovative therapies for MS and hemophilia and began to launch them in markets worldwide. We also launched TECFIDERA in several European countries, furthering its position as a leading oral MS therapy.
Bank of America initiated coverage on Biogen with a Buy rating and price target of $371.00 on October 1.
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Shares of Biogen closed Tuesday’s trading up almost 5% to $326.77. Following the earnings announcement, the reaction in the premarket was negative and shares were down over 2.5% at $318.00. Despite making earnings, shares appear to be down after sales of one of its MS drugs failed to impress investors. The shares have a consensus analyst price target of $13.95 and a 52-week range of $9.55 to $14.15. The company has a market cap of $15 billion.
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