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Biogen Idec Increases Revenue 6 Percent To $1.4 Billion In The Third Quarter

Stocks in this article: BIIB

Biogen Idec Inc. (NASDAQ: BIIB) today announced third quarter 2012 financial results, delivering revenue growth of 6 percent to $1.4 billion and non-GAAP diluted Earnings Per Share (EPS) growth of 19 percent.

Third Quarter 2012 Highlights:

  • AVONEX ® (interferon beta-1a) revenues increased 8 percent year-over-year to $736 million. TYSABRI ® (natalizumab) revenues were $275 million, a decrease of 1 percent, compared to the third quarter of 2011. RITUXAN ® (rituximab) revenues from our unconsolidated joint business arrangement were $288 million for the quarter, an increase of 8 percent year-over-year.
  • Global in-market sales of TYSABRI in the third quarter of 2012 were $404 million, an increase of 3 percent over the third quarter of 2011. The total was comprised of $230 million in United States sales and $173 million in sales outside the U.S.
  • During the third quarter, Biogen Idec recognized a gain of $32 million in relation to the sale of our royalty and other rights related to BENLYSTA ® (belimumab) to a DRI Capital managed fund (DRI). Under the terms of the agreement, Biogen Idec will receive a multiple on certain royalties payable to DRI for the period covering October 2011 through September 2014. The initial amount recognized covers the royalty period from October 1, 2011 through June 30, 2012.
  • Third quarter 2012 GAAP diluted EPS was $1.67, an increase of 17 percent as compared to the third quarter of 2011. GAAP net income attributable to Biogen Idec for the quarter was $398 million, an increase of 13 percent as compared to the third quarter of 2011.
  • Non-GAAP diluted EPS for the third quarter of 2012 was $1.91, an increase of 19 percent as compared to the third quarter of 2011. Non-GAAP net income attributable to Biogen Idec for the third quarter of 2012 was $455 million, an increase of 15 percent as compared to the third quarter of 2011. A reconciliation of our GAAP to non-GAAP results is included in Table 3 within this press release.

As of September 30, 2012, Biogen Idec had cash, cash equivalents and marketable securities of approximately $3.3 billion.

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