Biogen Idec 4Q results beat analysts' estimates
Biogen's fourth-quarter profit surged 57 percent on strong sales of its treatments for multiple sclerosis and Crohn's disease, but shares edged lower in trading before the opening bell Wednesday on a mixed outlook.
The global biotechnology company anticipates 2014 adjusted earnings in a range of $11 to $11.20 per share, with revenue up about 22 percent to 25 percent. That's slightly better than expected on revenue, but Wall Street was looking for something closer to $11.53 per share in earnings for all of 2014.
For the three months ended Dec. 31, the company earned $457.3 million, or $1.92 per share. That's up from $292.1 million, or $1.23 per share, a year earlier.
Removing certain items, earnings were $2.34 per share.
Analysts surveyed by FactSet expected earnings of $2.28 per share.
Revenue climbed 39 percent to $1.97 billion from $1.42 billion. This topped Wall Street's forecast of $1.93 billion.
Revenue from the multiple sclerosis pill Tecfidera totaled $398 million. Biogen said revenue in the U.S. from underlying patient demand was about $348 million.
Tysabri revenue surged 45 percent to $427 million as the company acquired complete rights for the therapy in the second quarter. Tysabri is used to treat MS and Crohn's disease.
Full-year net income increased 35 percent to $1.86 billion, or $7.81 per share, from $1.38 billion, or $5.76 per share, in the prior year.
Adjusted earnings were $8.96 per share.
Annual revenue rose 26 percent to $6.93 billion from $5.52 billion.
Shares of Biogen Idec Inc., based in Weston, Mass., slipped 65 cents to $305 in premarket trading.