S&P 500 (NYSE:SPY) component Biogen IDEC Inc (NASDAQ:BIIB) reported its results for the second quarter. 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 Second Quarter
Results: Net income for the biotechnology company fell to $288 million ($1.18 per share) vs. $293.4 million ($1.12 per share) a year earlier. This is a decline of 1.8% from the year earlier quarter.
Revenue: Fell 0.3% to $1.21 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: BIIB reported adjusted net income of $1.36 per share. By that measure, the company fell short of mean estimate of $1.38 per share. Analysts were expecting revenue of $1.19 billion.
Quoting Management: “We are pleased with our strong second quarter performance” said George A. Scangos, Ph.D., chief executive officer of Biogen Idec. “Our commercial and financial performance has been strong, and we have made great progress on our pipeline, which is now focused on high quality projects in areas of our expertise – neurology, immunology, and hemophilia. This quarter, we were excited by the European Commission’s approval of the inclusion of JCV antibody status as an additional PML risk factor in TYSABRI labeling, as well as the conditional approval for FAMPYRA. We continue to focus on execution to insure that we achieve our ambitious goals and continue our positive momentum into the second half of this year.”
A year-over-year revenue decrease last quarter snaps a streak of four consecutive quarters of revenue increases. The best quarter in that span was the second quarter of the last fiscal year, which saw revenue rise 10.9%.
The company fell short of forecasts after beating estimates in the previous two quarters. In the first quarter, it topped the mark by 3 cents, and in the fourth quarter of the last fiscal year, it was ahead by 18 cents.
Net income has increased 21.8% year over year on average across the last five quarters. The biggest gain came in the second quarter of the last fiscal year, when income climbed more than twofold from the year earlier quarter.
The company’s cost of sales fell 6.1% from a year earlier to $100.5 million. Last quarter, cost of sales was 8.3% or revenue versus 8.8% a year earlier.
Competitors to Watch: Elan Corp., plc (NYSE:ELN), Amgen, Inc. (NASDAQ:AMGN), Teva Pharmaceutical Industries Ltd (NASDAQ:TEVA), Abbott Laboratories (NYSE:ABT), Merck & Co., Inc. (NYSE:MRK), Genzyme Corporation (NASDAQ:GENZ), Pfizer Inc. (NYSE:PFE), GlaxoSmithKline plc (NYSE:GSK), and Bristol Myers Squibb Co. (NYSE:BMY).
(Source: Xignite Financials)