Biotechnology company Biogen Idec Inc. (BIIB) is scheduled to report fourth-quarter results before the market opens Tuesday. On average, 20 analysts polled by Thomson Reuters expect the company to earn $1.05 per share for the quarter, with estimates ranging between $0.96 and $1.10 per share. Revenues for the quarter are expected to be $1.13 billion. Analysts' estimates typically exclude special items.
The Cambridge, Massachusetts-based company is best known for its its multiple sclerosis drug Tysabri, which achieved "blockbuster" status in 2009. The drug is co-marketed by Biogen Idec and Elan Pharmaceuticals Inc., a subsidiary of Elan Corp plc (ELN).
Biogen Idec CEO James Mullen said at the 28th Annual J.P. Morgan Healthcare Conference in San Francisco last month that as of the end of December 2009, the company estimates that about 48,800 patients were on commercial and clinical Tysabri therapy worldwide. In 2009, the number of patients on the therapy grew by 30% over the prior year and sales of the drug topped $1 billion, compared to $813 million in 2008, he said.
Tysabri, which was given FDA approval for multiple sclerosis in November 2004, was voluntarily withdrawn from the market in February 2005, after it was found that three patients taking the drug developed a rare but potentially fatal brain disease, progressive multifocal leukoencephalopathy or PML. The drug proved fatal in two cases.
The drug was allowed back on the U.S. market by the FDA in July 2006 and launched in several European countries, but with certain restrictions and enhanced safety warnings. The FDA last week alerted public that the risk of developing PML increases with the use of the drug.
During the just concluded quarter, the drugmaker named William Young as chairman of its board of directors, effective, January 1, succeeding Bruce Ross who would complete his term as director and step down from the board at the 2010 annual shareholder meeting.
In an another event during the quarter, Biogen Idec made an unsuccessful attempt to buy Facet Biotech Corp. (FACT). The company offered up to $17.50 per share for Facet, but failed to woo it sufficiently and later terminated the offer.
Early last month, the company said James Mullen would retire on June 8. Mullen will also retire from the company's board upon completion of his current term as director at its 2010 annual shareholder meeting, Biogen said. The announcement fueled renewed speculation that Biogen is an attractive acquisition candidate.
Late January, the company received notice from Icahn Partners LP and certain of its affiliates of their intention to nominate three individuals to Biogen Idec's Board of Directors at the company's 2010 Annual Meeting. The notice also includes a proposal to amend the company's bylaws to fix the number of directors at 12. The activist investor is believed to be unhappy with the management of the company.
For the fourth quarter of the previous fiscal, the company's GAAP net income was $206.65 million or $0.70 per share. Fourth quarter 2008 non-GAAP net income was $274.3 million or $0.93 per share and revenues were $1.068 billion.
In October, Biogen Idec said its third-quarter profit increased from last year, helped by higher sales of Tysabri and lower costs. Third-quarter net income attributable to the company increased to $277.66 million or $0.95 per share from $206.79 million or $0.70 per share reported last year. Third-quarter revenues increased to $1.121 billion from $1.092 billion generated in the previous year.
For full year 2009, the biotechnology firm expects non-GAAP earnings per share above $3.85 and GAAP earnings per share above $2.97. The company sees full-year revenue growth in the mid to high single digits on an year-over-year basis. Analysts expect 2009 earnings of $3.95 per share on revenues of $4.38 billion.
The company's GAAP net income for 2008 was $783.17 million or $2.65 per share. On a Non-GAAP basis, net income for 2008 was $1.081 billion and earnings per share were $3.66. Total revenues in 2008 were $4.097 billion, driven primarily by the continued growth of Tysabri revenues that surged 156% from the previous year to $589 million.
BIIB closed Monday's regular trade at $52.84, down $0.69 or 1.29%, on 2.85 million shares. For the past year, the stock traded in the range of $41.75-$55.37.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.