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

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.

by RTT Staff Writer

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