Biogen Idec shares leap, as 1st-qtr 2011 earnings rocket, boosted by Tysabri; and by MS drug results
Shares of US biotech firm Biogen Idec (Nasdaq: BIIB) soared 20% to $104.11 in pre-market trading last Thursday (ahead of the Easter holidays), after the company announced its first quarter 2011 results showing that GAAP diluted earnings per share were $1.20, an increase of 50% over the first quarter of 2010.
GAAP net income attributable to Biogen Idec for the quarter was $294 million, an increase of 35% over the like period of 2010. Non-GAAP diluted EPS for the first quarter of 2011 were $1.43, up 32%. Non-GAAP net income attributable to Biogen Idec for the first quarter of 2011 was $349 million, a rise of 18%.
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