Biogen Idec’s 2nd-qtr 40% revenues growth beats forecasts
Shares of US biotech firm Biogen Idec (Nasdaq: BIIB) jumped 7.35% to $326 in pre-market trading today, as the company reported second-quarter 2014 financial results showing that sales had increased 40% to $2.42 billion, well above the average forecast of $2.16 billion among analysts surveyed by Thomson Reuters.
Second quarter 2014 non-generally accepted accounting principle (GAAP) diluted earnings per share (EPS) were $3.49, an increase of 52% over the second quarter of 2013, and topping by $0.66 the average estimates of 21 analysts compiled by Bloomberg. Non-GAAP net income attributable to Biogen Idec for the second quarter was $829 million, an increase of 51% over the second quarter of 2013.
On a reported basis, GAAP diluted EPS for the second quarter of 2014 was $3.01, an increase of 46%. GAAP net income attributable to Biogen Idec was $715 million, up 46%.
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