Biogen Idec 2012 Revenue Increases 9% To $5.5 Billion

These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including our dependence on our three principal products, AVONEX, TYSABRI and RITUXAN, the importance of TYSABRI’s sales growth, uncertainty of success in commercializing and developing other products, product competition, the occurrence of adverse safety events with our products, changes in the availability of reimbursement for our products, adverse market and economic conditions, our dependence on collaborations and other third parties over which we may not always have full control, problems with our manufacturing processes and our reliance on third parties, failure to comply with government regulation, our ability to protect our intellectual property rights and have sufficient rights to market our products together with the cost of doing so, the risks of doing business internationally, failure to manage our growth and execute our growth initiatives, charges and other costs relating to our properties, fluctuations in our effective tax rate, our ability to attract and retain qualified personnel, product liability claims, fluctuations in our operating results, the market, interest and credit risks associated with our portfolio of marketable securities, environmental risks, change of control provisions in our collaborations and the other risks and uncertainties that are described in the Risk Factors section of our most recent annual or quarterly report and in other reports we have filed with the SEC.

These statements are based on our current beliefs and expectations and speak only as of the date of this press release. We do not undertake any obligation to publicly update any forward-looking statements.

TABLE 1
Biogen Idec Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(unaudited, in thousands, except per share amounts)
				For the Three Months								For the Twelve Months
				Ended December 31,								Ended December 31,
					2012				2011				2012				2011
Revenues:
Product, net				$	1,074,676			$	996,555			$	4,166,074			$	3,836,117
Unconsolidated joint business					280,948				257,543				1,137,923				996,597
Royalty					56,170				52,686				168,679				158,497
Corporate partner					6,147				19,926				43,785				57,423
Total revenues					1,417,941				1,326,710				5,516,461				5,048,634
Cost and expenses:
Cost of sales, excluding amortization of acquired intangible assets					133,828				139,638				545,494				466,780
Research and development					345,180				338,933				1,334,919				1,219,602
Selling, general and administrative					375,977				283,916				1,277,465				1,056,133
Collaboration profit sharing					77,944				73,453				317,895				317,771
Amortization of acquired intangible assets					50,948				50,866				202,204				208,566
Fair value adjustment of contingent consideration					3,630				30,165				27,202				36,065
Restructuring charge					-				636				2,225				19,026
Total cost and expenses					987,507				917,607				3,707,404				3,323,943
Gain on sale of rights					15,073				-				46,792				-
Income from operations					445,507				409,103				1,855,849				1,724,691
Other income (expense), net					(14,290	)			(3,973	)			(744	)			(13,477	)
Income before income tax expense and equity in loss of investee, net of tax					431,217				405,130				1,855,105				1,711,214
Income tax expense					136,341				104,919				470,554				444,528
Equity in loss of investee, net of tax					2,749				-				4,518				-
Net income					292,127				300,211				1,380,033				1,266,686
Net income attributable to non-controlling interests, net of tax					-				(27	)			-				32,258
Net income attributable to Biogen Idec Inc.				$	292,127			$	300,238			$	1,380,033			$	1,234,428
Net income per share:
Basic earnings per share attributable to Biogen Idec Inc.				$	1.23			$	1.24			$	5.80			$	5.09
Diluted earnings per share attributable to Biogen Idec Inc.				$	1.23			$	1.22			$	5.76			$	5.04
Weighted-average shares used in calculating:
Basic earnings per share attributable to Biogen Idec Inc.					236,612				242,959				237,938				242,395
Diluted earnings per share attributable to Biogen Idec Inc.					238,324				245,382				239,740				245,033

TABLE 2
Biogen Idec Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
				As of			As of
				December 31,			December 31,
					2012			2011
ASSETS
Cash, cash equivalents and marketable securities				$	1,705,710		$	1,690,657
Accounts receivable, net					686,848			584,603
Inventory					447,373			326,843
Other current assets					404,406			373,324
Total current assets					3,244,337			2,975,427
Marketable securities					2,036,658			1,416,737
Property, plant and equipment, net					1,742,226			1,571,387
Intangible assets, net					1,631,547			1,608,191
Goodwill					1,201,296			1,146,314
Investments and other assets					274,054			331,548
TOTAL ASSETS				$	10,130,118		$	9,049,604
LIABILITIES AND EQUITY
Current portion of notes payable and line of credit				$	453,379		$	3,292
Other current liabilities					1,204,010			909,597
Long-term deferred tax liability					217,272			248,644
Notes payable, line of credit and other financing arrangements					687,396			1,060,808
Other long-term liabilities					604,266			400,276
Equity					6,963,795			6,426,987
TOTAL LIABILITIES AND EQUITY				$	10,130,118		$	9,049,604

TABLE 3
Biogen Idec Inc. and Subsidiaries
Condensed Consolidated Statements of Income - Non-GAAP
(unaudited, in millions, except per share amounts)
				For the Three Months								For the Twelve Months
				Ended December 31,								Ended December 31,
EARNINGS PER SHARE					2012				2011				2012				2011
GAAP earnings per share - Diluted				$	1.23			$	1.22			$	5.76			$	5.04
Adjustments to net income attributable to Biogen Idec Inc. (as detailed below)					0.17				0.29				0.77				0.86
Non-GAAP earnings per share - Diluted				$	1.40			$	1.51			$	6.53			$	5.90
An itemized reconciliation between net income attributable to Biogen Idec Inc. on a GAAP basis and net income attributable to Biogen Idec Inc. on a non-GAAP basis is as follows:
GAAP net income attributable to Biogen Idec Inc.				$	292.1			$	300.2			$	1,380.0			$	1,234.4
Adjustments:
R&D: Restructuring and other					-				-				8.6				-
R&D: Stock option expense					0.8				1.3				3.4				4.8
SG&A: Stock option expense					1.3				2.0				4.1				7.5
Amortization of acquired intangible assets					49.1				49.5				194.3				206.4
2010 Restructuring initiatives					-				0.6				2.2				19.0
Fair value adjustment of contingent consideration					3.6				30.2				27.2				36.1
Income tax effect related to reconciling items					(12.3	)			(13.6	)			(53.2	)			(62.0	)
Non-GAAP net income attributable to Biogen Idec Inc.				$	334.6			$	370.2			$	1,566.6			$	1,446.2
2013 Full Year Guidance GAAP to non-GAAP adjustments
An itemized reconciliation between projected EPS on a GAAP basis and on a non-GAAP basis is as follows:
					$			Shares				Diluted EPS*
Projected GAAP net income attributable to Biogen Idec Inc.				$	1,550				238			$	6.51
Adjustments:
Stock option expense					8
Restructuring and other					-
Amortization of acquired intangible assets					194
Fair value adjustment of contingent consideration					16
Income tax expense: Income tax effect related to reconciling items					(54	)
Projected Non-GAAP net income attributable to Biogen Idec Inc.				$	1,714				238			$	7.20

* 2013 full year projected GAAP and Non-GAAP diluted EPS amounts reflect mid-points within ranges of estimated guidance.

Use of Non-GAAP Financial Measures

We supplement our consolidated financial statements presented on a GAAP basis by providing additional measures which may be considered “non-GAAP” financial measures under applicable SEC rules. We believe that the disclosure of these non-GAAP financial measures provides additional insight into the ongoing economics of our business and reflects how we manage our business internally, set operational goals and forms the basis of our management incentive programs. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States and should not be viewed in isolation or as a substitute for reported, or GAAP, net income attributable to Biogen Idec Inc. and diluted earnings per share.

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