Although profit increased, S&P 500 (NYSE:SPY) component Biogen IDEC Inc’s (NASDAQ:BIIB) net income missed the mean estimate by 14.9%. Biogen Idec Inc. is a global biotechnology company that meets the rising needs of therapeutic care providers and recipients.
Biogen IDEC Inc Earnings Cheat Sheet for the First Quarter
Results: Net income for the biotechnology company rose to $308.8 million ($1.20/share) vs. $217.4 million (80 cents/share) YoY. A rise of 42% from the year earlier quarter.
Revenue: Rose 8.5% to $1.2 billion YoY.
Actual vs. Wall St. Expectations: BIIB (NASDAQ:BIIB) fell short of the mean analyst estimate of $1.41/share. Estimates ranged from $1.22 per share to $1.49 per share.
Quoting Management: “We had a very solid first quarter based on the performance of our three blockbuster products,” said George A. Scangos, Ph.D., Chief Executive Officer of Biogen Idec. “We continued our transformation into a lean, aggressive and focused company, and the reinvigoration of Research and Development is well underway. We met several exciting pipeline milestones, including the positive Phase III data read-out from the DEFINE trial for BG-12, our oral MS drug candidate, and the enrollment of the first patient in our Phase III EMPOWER trial for dexpramipexole, a potential treatment for ALS.”
Key Stats: Last quarter’s profit increase breaks a streak of two consecutive quarters of year-over-year profit decreases. In the fourth quarter of the last fiscal year, net income fell 21.4% while the figure dropped three quarters ago.
Over the last five quarters, revenue has increased 7.9% on average year over year. The biggest increase came in the second quarter of the last fiscal year, when revenue rose 10.9% from the year earlier quarter.
Competitors to Watch: Amgen (NASDAQ:AMGN), Roche (RHHBY), Abbott Labs (NYSE:ABT), Elan Corp (NYSE:ELN), Merck (NYSE:MRK), Genzyme (NASDAQ:GENZ), Pfizer (NYSE:PFE), GlaxoSmithKline (NYSE:GSK), Bayer (BAYRY) and Bristol-Myers Squibb Company (NYSE:BMY).
Today’s Performance: Shares of BIIB (NASDAQ:BIIB) are trading at $103 per share: