Biogen Idec beats on sales and earnings, with shinning performance from Tecfidera

US biotech firm Biogen Idec (Nasdaq: BIIB) reported full year and fourth quarter 2013 results that beat consensus Wall Street forecasts and indicated that the company’s new multiple sclerosis drug Tecfidera (dimethyl fumarate) is heading for blockbuster sales status in its first year on the market.

The company's net profit rose 56.6%to $457.3 million, or $1.92 per share, in the quarter, up from $292.1 million, or $1.23 per share, a year earlier. Excluding special items, Biogen Idec earned $2.34 per share compared with analysts’ average expectations of $2.28 per share, according to Thomson Reuters I/B/E/S. Total sales for the quarter rose 39% to $1.97 billion, beating the analysts' average estimate of $1.93 billion.

Full-year 2013 revenue of $6.9 billion represented a 26% increase compared to the prior year. Full year 2013 non-generally accepted accounting practice (GAAP) diluted earnings per share were $8.96, an increase of 37% over 2012. Non-GAAP net income attributable to Biogen Idec for the year was $2.1 billion, up 36% over the year prior. On a reported basis, GAAP diluted EPS for 2013 were $7.81, an increase of 36% over 2012. GAAP net income attributable to Biogen Idec for 2013 was $1.9 billion, an increase of 35% versus 2012.