Biogen regains $2.3B in market cap on 1Q13 earns

Biogen Idec Inc. (NASDAQ:BIIB) regained $2.3 billion in market cap on Thursday after raising its 2013 revenue and EPS guidances and reporting 1Q13 earnings that beat the Street. The biotech had gained $2.8 billion in market cap on Monday based on reported early sales of newly launched oral multiple sclerosis drug Tecfidera dimethyl fumarate ( BG-12), but shed most of that gain on Tuesday and Wednesday. Biogen Idec closed with a valuation of $51.3 billion on Thursday. On a conference call to discuss Biogen Idec's earnings, Tony Kingsley, EVP of global commercial operations, said it is "premature" to comment on specific launch metrics, but said the biotech is "encouraged by the early signs of physician and patient interest" in Tecfidera (see BioCentury Extra, April 22).

Biogen Idec reported non-GAAP diluted EPS of $1.97, beating by $0.36 the Street's $1.61 estimate and up from $1.40 in 1Q12. First quarter revenues were $1.42 billion, matching the Street's estimate and up 10% from $1.29 billion in 1Q12. The biotech raised its 2013 non-GAAP diluted EPS to $7.80-$7.99 from $7.15-$7.25 and its revenue growth projection to 16-18% from about 10%. Biogen Idec reported 2012 revenues of $5.5 billion. The company attributed the increase to its purchase earlier this month of full rights and IP for the autoimmune drug Tysabri natalizumab from Elan Corp. plc (NYSE:ELN); the new guidance includes an additional $425-$475 million from the Tysabri purchase. ...