Biogen Idec ups guidance as Tecfidera sales beat

Biogen Idec Inc. (NASDAQ:BIIB) raised its 2013 EPS and revenue guidance on Monday after reporting $286.4 million in 3Q13 sales of multiple sclerosis drug Tecfidera dimethyl fumarate, well ahead of the Street's estimates of $208-$214 million. Biogen Idec launched Tecfidera in the U.S. in April and in July reported $192.1 million in 2Q13 sales of the drug. On a conference call to discuss the company's earnings, CEO George Scangos said that according to IMS Health, Tecfidera is the "leading oral therapy after only six months on the market." The drug is under review in Europe, with a decision from EMA's CHMP on the product's new active substance (NAS) designation "likely" to come next month (see BioCentury Extra, Oct. 25).

Biogen Idec's revenues in the quarter were $1.83 billion, up 32% from $1.39 billion in 3Q12. The Street was expecting $1.78 billion in the quarter. The company reported non-GAAP diluted EPS of $2.35, up from $1.91 in the prior year's quarter and ahead of the Street's $2.10 estimate. Biogen Idec also again raised its full-year non-GAAP diluted EPS guidance to $8.65-$8.85 from $8.25-$8.50 and raised its revenue growth forecast to 23-25% from 22-23%. The company reported 2012 revenues of $5.5 billion. The Street was expecting 2013 EPS of $8.62 on $6.8 billion in revenues. ...