Biogen Idec Inc.'s (BIIB) second-quarter earnings fell 1.8% on
acquisition-related and other charges.
The biotechnology company's adjusted profit narrowly missed
analysts' expectations.
The company and Swedish Orphan Biovitrum (BIOVF, SOBI.SK, SWTUY)
announced that their treatment for severe hemophilia was
longer-lasting than a commercially available product in an early
study. The finding will be presented Tuesday at a Congress of
International Society on Thrombosis and Haemostasis conference in
Kyoto, Japan.
For the year, the company raised its revenue growth estimate to
the low to mid single digits on a percentage basis from February
estimate of up to the low single digits, as if affirmed its
per-share earnings forecast.
Biogen has seen core earnings climb on higher revenue in recent
quarters, though restructuring charges have weighed on its bottom
line. The company's portfolio of multiple-sclerosis drugs
represented about 74% of its revenue last year, though it has been
refocusing itself around developing neurology treatments as well as
its current MS drugs.
In the latest quarter sales of Tysbari, which is sold with Elan
Corp. (ELN) were up 28%, while sales of fellow MS treatment
Avonex--its biggest seller---grew 5%. Rituxan revenues from its
joint venture with Roche Holding AG's (RHHBY, ROG.VX) Genentech
Inc. unit fell 29% owing to a continuing arbitration issues.
Biogen reported a profit of $288 million, or $1.18 a share, from
$293.4 million, or $1.12 a share, a year earlier. Excluding
acquisition- and restructuring-related costs and other items,
earnings rose to $1.36 from $1.31.
Revenue edged down 0.3% to $1.21 billion.
Analysts polled by Thomson Reuters most recently forecast
earnings of $1.37 on revenue of $1.18 billion.
Shares closed Monday at $103.99 and were inactive premarket. The
stock is up 55% this year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com