Biogen IDEC Inc. Earnings: Profit Rises for Second Straight Quarter

S&P 500 (NYSE:SPY) component Biogen IDEC Inc (NASDAQ:BIIB) reported its results for the fourth 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 for the Fourth Quarter

Results: Net income for Biogen IDEC Inc rose to $300.2 million ($1.22 per share) vs. $240.3 million (99 cents per share) in the same quarter a year earlier. This marks a rise of 25% from the year earlier quarter.

Revenue: Rose 8.8% to $1.33 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: BIIB reported adjusted net income of $1.51 per share. By that measure, the company beat the mean estimate of $1.46 per share. It beat the average revenue estimate of $1.29 billion.

Key Stats:

The company has now beaten estimates the last two quarters. In the third quarter, it topped expectations with net income of $1.57 versus a mean estimate of net income of $1.51 per share.

Net income has increased 15.1% year over year on average across the last five quarters. The biggest gain came in the third, when income climbed 38.5% from the year earlier quarter.

The company’s revenue has now risen for two straight quarters. In the third quarter, revenue increased 11.4% to $1.31 billion from the year earlier quarter.

Looking Forward: Analysts have a more positive outlook for the company’s next quarter performance. Over the past month, the average estimate for the first quarter of the next fiscal year has gone up from $1.43 per share to $1.47. At $5.82 per share, the average estimate for the fiscal year has fallen from $5.85 ninety days ago.

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).

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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