Biogen Idec beats Street

Biogen Idec Inc. (NASDAQ:BIIB) posted 3Q10 non-GAAP diluted EPS of $1.35, beating by $0.12 the Street's estimate of $1.23 and up 21% from $1.12 in 3Q09. Third quarter revenues were $1.2 billion, a 5% increase from $1.1 billion in the prior year's quarter.

Biogen Idec said revenues were driven primarily by revenues of Tysabri natalizumab for multiple sclerosis and Crohn's disease and Avonex interferon beta-1a, also for MS. Biogen Idec reported 3Q10 revenues for Tysabri and Avonex of $221 million and $644 million, respectively, up 7% and 11% from 3Q09. Global sales of Tysabri were $307 million, up 9% from 3Q09. Biogen Idec recognizes revenue for Tysabri from partner Elan Corp. plc (NYSE:ELN). ...