BIIB beats Street EPS

Biogen Idec BIIB reported second quarter adjusted EPS of $0.34, beating the Street estimate by $0.02. On a GAAP basis, the company had EPS of $0.00 for the quarter, reflecting merger-related costs. Second quarter revenues increased 20% to $539 million from $447 million for the same period last year.

Sales of multiple sclerosis (MS) drug Avonex increased 21% to $347 million from $286 million for the second quarter last year. U.S. sales of the drug were $227 million, up 15% quarter over quarter. Psoriasis drug Amevive posted second quarter sales of $12 million, up 71% from $7 million in the second quarter of 2003. ...