Biogen Idec jumps on 2Q14 results

Biogen Idec Inc. (NASDAQ:BIIB) gained $33.93 (11%) to $337.60 on Wednesday after reporting 2Q14 financial results that beat consensus EPS and sales estimates. The move translates to a gain of $8 billion in market cap for a closing valuation of $79.7 billion. Non-GAAP diluted EPS grew 52% to $3.49 from 2Q13 and beat by $0.66 the Street's $2.83 estimate. Revenues in the quarter rose 40% to $2.4 billion from $1.7 billion in 2Q13 and beat the Street's estimate of $2.2 billion.

Revenues of Tecfidera dimethyl fumarate skyrocketed over 260% to $700.4 million in 2Q14, including $585 million in U.S. sales and $115 million in ex-U.S. sales, compared to the same quarter last year. The company launched the multiple sclerosis drug in the U.S. in April 2013, and the European Commission approved the drug in February. Biogen Idec also raised its guidance and now expects 2014 non-GAAP diluted EPS of $12.90-$13.10 on revenue growth of 38-41%. In April, Biogen said it expected 2014 EPS of $11.35-$11.45 on revenue growth of 26-28%. The company reported 2013 revenues of $6.9 billion. ...