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12:00 AM
 | 
Sep 10, 2007
 |  BioCentury  |  Finance

Bringing up BIIB

Biogen Idec Inc. has been on a tear of late, boosted by its updated guidance last week, ongoing acquisition rumors fueled by the Federal Trade Commission's approval of a stock purchase by activist investor Carl Icahn in late August, and its stock buyback in early July.

Last Thursday, BIIB (Cambridge, Mass.) committed to maintaining its rates of both top and bottom line growth over the next three years. At the Thomas Weisel conference in Boston, the company offered guidance that revenues from 2008 to 2010 are expected to achieve 15% compound annual growth, with non-GAAP EPS up 20% annually on average over that period.

Since the merger between Biogen and Idec, the company noted it will likely achieve 14% CAGR on revenues and 21% on EPS from 2004 to 2007. It originally had laid out a goal of 15% revenue growth and 20% EPS growth for those years.

BIIB reiterated its FY07 non-GAAP diluted EPS guidance of $2.60-$2.70. The Street is expecting $2.68.

The...

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