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Biogen Idec 4Q results beat analysts' estimates

January 29, 2014

CAMBRIDGE, Mass. (AP) Biogen's fourth-quarter profit surged 57 percent on strong sales of its treatments for multiple sclerosis and Crohn's disease, but shares edged lower in trading before the opening bell Wednesday on a mixed outlook. The global biotechnology company anticipates 2014 adjusted earnings in a range of $11 to $11.20 per share, with revenue up about 22 percent to 25 percent. That's slightly better than expected on revenue, but Wall Street was looking for something closer to $11.53 per share in earnings for all of 2014. For the three months ended Dec. 31 , the company earned $457.3 million , or $1.92 per share. That's up from $292.1 million , or $1.23 per share, a year earlier. Removing certain items, earnings were $2.34 per share. Analysts surveyed by FactSet expected earnings of $2.28 per share. Revenue climbed 39 percent to $1.97 billion from $1.42 billion . This topped Wall Street's forecast of $1.93 billion . Revenue from the multiple sclerosis pill Tecfidera totaled $398 million . Biogen said revenue in the U.S. from underlying patient demand was about $348 million . Tysabri revenue surged 45 percent to $427 million as the company acquired complete rights for the therapy in the second quarter. Tysabri is used to treat MS and Crohn's disease. Full-year net income increased 35 percent to $1.86 billion , or $7.81 per share, from $1.38 billion , or $5.76 per share, in the prior year. Adjusted earnings were $8.96 per share. Annual revenue rose 26 percent to $6.93 billion from $5.52 billion . Shares of Biogen Idec Inc. , based in Weston, Mass. , slipped 65 cents to $305 in premarket trading.

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Source: Associated Press

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