Shares of Biogen Idec Inc. (NASDAQ: BIIB), a global biotechnology company, have risen sharply in early trading today after the Weston, Massachusetts-based company reported its fourth-quarter and full-year 2012 financial results.
For the fourth quarter of 2012, BIIB reported revenue of $1.4 billion, representing an increase of 7% over the same period in the previous year. The company’s TYSABRI revenue rose 10% on a year-over-year basis to $295 million in the fourth quarter. AVONEX revenue, meanwhile, rose 7% to $753 million in the fourth quarter.
On a GAAP basis, Biogen Idec reported a profit of $1.23 per share for the fourth quarter, representing an increase of 1% over the fourth quarter of 2011.On a non-GAAP basis, earnings for the quarter were $1.40 per share, down 7% over the same period in the previous year.
For the full year 2012, BIIB’s TYSABRI revenue rose 5% to $1.1 billion, while AVONEX revenue rose 8% to $2.9 billion.
George A. Scangos, Ph.D., CEO of Biogen Idec, said that the company recorded another solid year of revenue growth and profitability, all while advancing its late-stage pipeline and investing in upcoming product launches. Scangos further said that the company is poised to begin what it expects will be a remarkable period of growth, driven by its promising compounds including TECFIDERA and Peginterferon beta-1a for MS and both Factor VIII and Factor IX for hemophilia.
Biogen Idec today also provided guidance for the full year 2013. The company expects 2013 revenue growth to be approximately 10%. Non-GAAP diluted earnings per share for the quarter is expected to be between $7.15 and $7.25.
Paul Clancy, CFO of Biogen Idec, said that the 2013 guidance reflects the company’s belief in its continued strong performance based on the strength of its core existing products and its anticipated product launches.
At last check, BIIB shares were trading 3.08% higher at $150.71 on volume of 488,207.
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