Biogen's 2012 Forecast Disappoints

WESTON, Mass. (TheStreet) -- Biogen Idec(BIIB) offered a 2012 earnings forecast Tuesday that fell of current consensus expectations. Earnings for the fourth quarter rose on strong sales of its mainstay multiple sclerosis drug Avonex.

Adjusted for certain items, Biogen said 2012 earnings would be in the range of $6.10 to $6.20 per share, which is below the current analyst consensus of $6.33 per share.

Revenue growth for 2012 is expected to be in the low- to mid-single digits, Biogen said, which is in line with current consensus that calls for 2012 revenue of $5.29 billion, or about 6% growth over 2011.

Biogen Idec shares were down 1.4% to $115 per share in early Tuesday trading.

In the fourth quarter, Biogen reported a 6% increase in adjusted earnings to $1.51 per share, two cents higher than consensus expectations.

Revenue in the quarter totaled $1.33 billion, above expectations, led largely by stronger-than-expected Avonex sales of $703 million. Worldwide sales of Tysabri totaled $380 million in the December quarter, weaker than expected. Biogen said 64,400 patients were on Tysabri at the end of December, a 1.4% quarter-over-quarter increase.

--Written by Adam Feuerstein in Boston.

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