S&P 500 (NYSE:SPY) component Biogen Idec Inc. (NASDAQ:BIIB) reported net income above Wall Street’s expectations for the second quarter. Biogen Idec is a global biotechnology company that meets the rising needs of therapeutic care providers and recipients.
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Biogen Idec Inc. Earnings Cheat Sheet
Results: Net income for Biogen Idec Inc. rose to $386.8 million ($1.61 per share) vs. $288 million ($1.18 per share) in the same quarter a year earlier. This marks a rise of 34.3% from the year-earlier quarter.
Revenue: Rose 17.6% to $1.42 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Biogen Idec Inc. reported adjusted net income of $1.82 per share. By that measure, the company beat the mean estimate of $1.56 per share. It beat the average revenue estimate of $1.33 billion.
Quoting Management: “At the midpoint of a pivotal year, we continue to succeed in the marketplace and track against our goals,” said George A. Scangos, Ph.D., the company’s chief executive officer. “AVONEX performance was particularly strong in the second quarter. There has been strong uptake of the AVONEX PEN and AVOSTARTGRIPTM titration dosing kit in both the US and EU. We have a busy nine months ahead of us preparing for the BG-12 launch and four pivotal trial data readouts – for our long-lasting blood factors VIII and IX for hemophilia, dexpramipexole for ALS and PEGylated interferon beta-1a for multiple sclerosis. We continued to strengthen our early-stage pipeline and stepped up the pace of revitalizing our discovery efforts. We had a very productive quarter, delivering both revenue and earnings growth, while continuing to invest in the company’s future.”
The company has now seen net income rise in four straight quarters. In the first quarter, net income rose 2.8% while the figure climbed 25% in the fourth quarter of the last fiscal year and 38.5% in the third quarter of the last fiscal year from the year earlier.
Revenue has increased for four quarters in a row. Revenue increased 7.4% to $1.29 billion in the first quarter. The figure rose 8.8% in the fourth quarter of the last fiscal year from the year earlier and climbed 11.4% in the third quarter of the last fiscal year from the year-ago quarter.
The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of $1.39 versus a mean estimate of net income of $1.44 per share.
Looking Forward: Analysts have a more positive outlook about the company’s results for next quarter. The average estimate for third quarter is $1.59 per share, an increase from $1.56 sixty days ago. Over the past three months, the average estimate for the fiscal year has climbed from $6.12 per to share to $6.15.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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