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Biogen Idec Delivers Double-Digit Top & Bottom-Line Growth In Second Quarter 2013

Stocks in this article: BIIB

Biogen Idec Inc. (NASDAQ: BIIB) today reported second quarter 2013 total revenues of $1.7 billion, an increase of 21% compared to the second quarter of 2012. Non-GAAP diluted EPS for the second quarter of 2013 were $2.30, an increase of 26% over the second quarter of 2012. Non-GAAP net income attributable to Biogen Idec for the second quarter of 2013 was $549 million, an increase of 25% versus the second quarter of 2012.

Second quarter of 2013 GAAP diluted EPS were $2.06, an increase of 28% versus the second quarter of 2012. GAAP net income for the second quarter of 2013 was $491 million, an increase of 27% versus the second quarter of 2012. A reconciliation of our GAAP to Non-GAAP results is attached to this press release.

Revenue gains were led by the performance of our marketed therapies:

  • AVONEX ® revenues increased 2% year-over-year to $774 million. The total was comprised of $479 million in U.S. sales and $295 million in sales outside the U.S.
  • TYSABRI ® (natalizumab) revenues for the Company increased 38% year-over-year to $387 million primarily due to our acquisition of Elan’s rights in TYSABRI as Biogen Idec started booking 100% of TYSABRI revenues. Global in-market sales of TYSABRI in the second quarter of 2013 were $387 million, a decrease of 2% over the second quarter of 2012, when compared to TYSABRI global in-market sales in the second quarter of 2012. The total was comprised of $218 million in U.S. sales and $169 million in sales outside the U.S.
  • TECFIDERA revenues were $192 million during the second quarter. This revenue includes both patient demand and wholesalers and specialty pharmacy inventory in anticipation of patient demand. We estimate that approximately $82 million of TECFIDERA revenues in the second quarter represent inventory in the channel while revenue generated from underlying patient demand was approximately $110 million.
  • RITUXAN ® (rituximab) revenues from our unconsolidated joint business arrangement were $289 million for the quarter, an increase of 1% compared to the second quarter of 2012.

“With a strong start for TECFIDERA in the U.S., as well as approvals in Canada and Australia, we expanded our leadership position in the treatment of multiple sclerosis,” said George A. Scangos, Ph.D., Chief Executive Officer. “With three regulatory filings completed, three potential launches in 2014, and data readouts expected in 2015 and 2016, we have entered a new era of growth for the benefit of patients, clinicians and our shareholders.”

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