Biogen Idec third-qtr net rockets 76% but shares slump

US biotech firm Biogen Idec (Nasdaq: BIIB) saw its share price plunge 7% to $303.51, after its posted third-quarter 2014 financial results, despite revealing that net income of $856.9 million (a year-on-year-leap of 76%), or $3.62 per share, beat consensus analysts’ forecasts of $3.43 per share.

Third quarter revenue increased to $2.5 billion, in line with expectation. Non-generally accepted accounting principle (GAAP) diluted earnings per share (EPS) were $3.80, an increase of 61% over the third quarter of 2013. Non-GAAP net income attributable to Biogen Idec for the third quarter was $900 million, an increase of 60% over the third quarter of 2013.

“The third quarter was a period of significant achievement as we continued to make progress against our corporate objectives,” said chief executive George Scangos, adding: “We introduced innovative therapies for MS [multiple sclerosis] and hemophilia and began to launch them in markets worldwide. We also launched Tecfidera in several European countries, furthering its position as a leading oral MS therapy.