Biogen Profit Crushes Estimates, FY15 EPS Guidance Strong; Stock Up 7%

(RTTNews) - Biotechnology company Biogen Idec Inc (BIIB) on Thursday reported fourth-quarter net income of $883.5 million or $3.74 per share compared with $457.3 million or $1.92 per share last year.

Excluding items, adjusted earnings for the quarter were $4.09 per share compared with $2.34 per share a year ago.

Revenues for the quarter rose 34 percent to $2.64 billion from $1.97 billion in the prior year.

Analysts expected $3.78 per share on revenues of $2.64 billion for the quarter. Analysts' estimates typically exclude special items.

"2014 was a remarkable year for our company and the patients we serve," said Chief Executive Officer George Scangos. "The growth of TECFIDERA in world markets, the improved performance of TYSABRI and our entry into the treatment of hemophilia demonstrated our strength as a commercial organization while benefiting patients in many countries around the world.

For the full year 2015, Biogen expects adjusted earnings of $16.60 to $17 per share on revenue growth of 14 to 16 percent. Analysts expect earnings of $16.37 per share on revenue growth of 15.6 percent.

"2015 promises to be another exciting year," Scangos said. "Our focus on novel biology to seek treatments for challenging diseases has shaped our pipeline and business strategy, and we expect that will continue in the future."