Biogen Idec (BIIB) trounced analyst estimates on Wednesday, a beat led by $700 million in Tecfidera sales during the quarter that topped consensus estimates for $561 million. Ex-U.S., the new drug produced revenue of $115M, compared to expectations for just $75M. Biogen reported second quarter net revenue of $2.4 billion; analysts expected $2.15B.
Biogen Idec is the first of the four major biopharma companies to report second quarter earnings; the beat and positive market reaction (BIIB is up 6% in the premarket) are a good start to an earnings season already overshadowed by Fed Chairwoman Janet Yellen’s recent comments about biotechnology valuations being “stretched.” The remainder of the larger biopharma companies report in the next week and may serve as a bellwether for the rest of the sector.
$714.5 million in net income for the quarter ($3.01/share) was up 46% from $490.7 million, or $2.06/share, in 2Q13. Excluding one-time items, earnings came in at $3.49/share, beating expectations for $2.83.
Biogen Idec raised its 2014 EPS guidance to $11.26-$11.46 on a GAAP basis, and to be between $12.90 and $13.10 non-GAAP
