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Biogen Idec 2012 Revenue Increases 9% To $5.5 Billion

Our “Non-GAAP net income attributable to Biogen Idec Inc.” and “Non-GAAP earnings per share - Diluted” financial measures exclude the following items from GAAP net income attributable to Biogen Idec Inc. and diluted earnings per share:

1. Purchase accounting and merger-related adjustments.

We exclude certain charges related to the 2003 merger between Biogen Inc. and Idec Pharmaceuticals, Inc., certain acquisition-related items, and certain amounts in relation to the consolidation of variable interest entities for which we are the primary beneficiary. These adjustments include charges for in-process research and development, the amortization of certain acquired intangible assets and adjustments to the fair value of our contingent consideration obligations. The exclusion of these charges provides management and investors with a supplemental measure of performance which the Company believes better reflects the underlying economics of the business.

2. Stock option expense recorded in accordance with the accounting standard for share-based payments.

We believe that excluding the impact of expensing stock options better reflects the recurring economic characteristics of our business.

3. Other items.

We evaluate other items on an individual basis, and consider both the quantitative and qualitative aspects of the item, including (i) its size and nature, (ii) whether or not it relates to our ongoing business operations, and (iii) whether or not we expect it to occur as part of our normal business on a regular basis. We also include an adjustment to reflect the related tax effect of all reconciling items within our reconciliation of our GAAP to Non-GAAP net income attributable to Biogen Idec Inc.

Biogen Idec Inc. and Subsidiaries
Product Revenues
(unaudited, in thousands)
For the Three Months
Ended December 31,
  2012   2011
AVONEX® $ 753,212 $ 703,226
TYSABRI® 295,171 269,350
FAMPYRA® 10,509 10,433
FUMADERM® 15,784 13,546
Other - -
Total product revenues $ 1,074,676 $ 996,555
For the Twelve Months
Ended December 31,
  2012   2011
AVONEX® $ 2,913,105 $ 2,686,624
TYSABRI® 1,135,896 1,079,448
FAMPYRA® 57,398 13,569
FUMADERM® 59,675 54,728
Other - 1,748
Total product revenues $ 4,166,074 $ 3,836,117

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