Biogen Idec beats Street

Biogen Idec Inc. (NASDAQ:BIIB) reported 4Q13 non-GAAP diluted EPS of $2.34, up from $1.40 in 4Q12 and beating the Street's $2.28 estimate. Fourth quarter revenues were $2 billion, up 39% from $1.4 billion in 4Q12 and above the Street's $1.9 billion estimate. The company recorded $397.6 million in 4Q13 revenues for multiple sclerosis drug Tecfidera dimethyl fumarate, which Biogen Idec launched in the U.S. in April. Investors expect Tecfidera to continue growing its share of the MS market (see BioCentury, Jan. 13).

For the year, Biogen Idec reported non-GAAP EPS of $8.96, up from $6.53 in 2012 and beating the Street's $8.90 estimate. Full year revenues were $6.9 billion, including $876 million in Tecfidera revenues -- up 26% from $5.5 billion in 2013 and in-line with the Street's $6.9 billion estimate. Biogen Idec also introduced 2014 guidance and said it expects full year non-GAAP diluted EPS of $11-$11.20 on revenue growth of 22-25%. The Street was expecting EPS of $11.63 on revenues of $8.3 billion, which would represent 21% growth. ...