BIIB beats Street EPS

Biogen Idec (BIIB) reported third quarter adjusted EPS of $0.37, beating the Street estimate by $0.02 and up 6% from $0.35 in the third quarter of 2003. On a GAAP basis, the company had EPS of $0.10 for the quarter, reflecting merger-related costs and a write-down of investments. Third quarter net income, which excludes non-operating charges, was $132 million, up 7% from $123 million in the same period last year. Third quarter revenues increased 14% to $543 million from $477 million in the same period last year.

Sales of multiple sclerosis (MS) drug Avonex increased 16% to $346 million from $298 million in the third quarter last year. U.S. sales of the drug were $224 million, up from $204 million last year. Psoriasis drug Amevive posted third quarter sales of $8 million, down 33% from $12 million in the same period last year. ...