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

Other Financial Highlights

  • Earlier this month, we agreed in principle with the pricing committee of the Italian National Medicines Agency to settle all prior year claims related to an ongoing pricing dispute. As a result, the Company recorded a reduction to TYSABRI revenues outside the U.S. of approximately $20 million for a portion of this settlement. The remaining portion of the settlement is expected to be recorded as an increase to TYSABRI revenue upon approval of the settlement by the Italian authorities.
  • Revenues for FAMPYRA ® and FUMADERM™ totaled $33 million in the second quarter of 2013, compared to $34 million in the second quarter of 2012.
  • Royalties were $38 million in the second quarter of 2013, compared to $37 million in the second quarter of 2012.
  • Corporate partner revenues in the second quarter of 2013 were $11 million, compared to $22 million in the second quarter of 2012.
  • As of June 30, 2013, Biogen Idec had Cash, Cash Equivalents and Marketable Securities totaling $775 million.

2013 Financial Guidance

Biogen Idec increased its full year 2013 financial guidance. This guidance consists of the following components:

  • Revenue growth is expected to be approximately 22% to 23%.
  • Cost of Sales is expected to be approximately 13% to 14% of total revenue.
  • R&D expense is expected to be approximately 21% to 23% of total revenue.
  • R&D expense includes up to $75 million earmarked for potential new business development deals and assumes up to $35 million in anticipated upfront and milestone payments over the balance of the year.
  • SG&A expense is expected to be approximately 24% to 26% of total revenue.
  • Tax expense is expected to be approximately 22% to 24% of pretax income.
  • Non-GAAP diluted EPS is expected to be between $8.25 and $8.50.
  • GAAP diluted EPS is expected to be between $7.28 and $7.53.
  • Capital expenditures are expected to be in the range of $250 to $270 million.

Biogen Idec may incur charges, realize gains or experience other events in 2013 that could cause actual results to vary from this guidance.

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