BioCentury
ARTICLE | Financial News

Biogen Idec beats on revenues, misses on EPS

April 24, 2014 12:33 AM UTC

Biogen Idec Inc. (NASDAQ:BIIB) reported 1Q14 non-GAAP diluted EPS of $2.47, up from $1.97 in 1Q13, but below the Street's $2.56 estimate. First quarter revenues were $2.1 billion, up 51% from $1.4 billion in 1Q13 and beating the Street's $2 billion estimate. Biogen Idec said non-GAAP EPS was reduced by about $0.35 as a result of a $118 million R&D expense related to its March Alzheimer's deal with Eisai Co. Ltd. (Tokyo:4523) (see BioCentury, March 24).

Biogen Idec recorded $505.7 million in 1Q14 revenues for Tecfidera dimethyl fumarate, which the company has marketed in the U.S. since April 2013. The European Commission approved the multiple sclerosis drug in February; the company launched Tecfidera in Germany. ...