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Biogen Idec Posts Higher Q1 Profit; Ups 2013 Targets - Quick Facts

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Biogen Idec Inc. (BIIB: Quote) reported an improvement in first-quarter 2013 GAAP net income to $426.75 million, or $1.79 a share, from $302.66 million, or $1.25 a share, a year earlier. According to non-GAAP basis, net income attributable to Biogen Idec was $469.4 million, or $1.97 a share, the company added. On average, 26 analysts polled by Thomson Reuters expected earnings per share of $1.61 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly total revenues of $1.42 billion, were 10% higher than $1.29 billion in the first quarter of 2012. Analysts estimated revenues of $1.42 billion for the quarter.

For full year 2013, the company now sees non-GAAP earnings per share between $7.80 and $7.90, GAAP earnings per share between $6.69 and $6.79, as well as revenue growth to be around 16% - 18%. Earlier Biogen expected fiscal 2013 adjusted earnings of $7.15 - $7.25 per share on projected revenue growth of about 10 percent. Analysts project annual earnings of $7.79 per share.

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by RTT Staff Writer

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After ending the previous session mostly higher, stocks may see some further upside in early trading on Wednesday. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 17 points. The Bank of Spain on Wednesday boosted its growth projections for Spain this year and the next after the economy grew at a faster rate in the second quarter. In its monthly economic bulletin, the bank raised the growth forecast for this year to 1.3 percent from the 1.2 percent seen previously. The projection for the next year was lifted to 2 percent from 1.7 percent. Bank of England policymakers unanimously decided to maintain the key interest rate and quantitative easing at the meeting held on July 9 and 10, but signaled the possibility of a rate hike late this year as growth became more established.
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