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

Stocks in this article: BIIB

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 purchase accounting related items associated with the acquisition of businesses, assets and 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 fair value remeasurements 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.

Numbers may not foot due to rounding.

TABLE 4
Biogen Idec Inc. and Subsidiaries
Product Revenues
(unaudited, in thousands)
       
 
For the Three Months
Ended June 30,
2013 2012
PRODUCT REVENUES
 
AVONEX® $ 774,416 $ 762,065
 
TYSABRI® 386,741 280,423
 

TECFIDERA®

192,134 -
 
FAMPYRA® 16,811 19,681
 

FUMADERM™

15,816 14,631
   
Total product revenues $ 1,385,918 $ 1,076,800
 
 
For the Six Months
Ended June 30,
2013 2012
PRODUCT REVENUES
 
AVONEX® $ 1,520,514 $ 1,423,684
 
TYSABRI® 698,911 565,956
 

TECFIDERA®

192,134 -
 
FAMPYRA® 40,014 34,721
 

FUMADERM™

30,124 27,927
   
Total product revenues $ 2,481,697 $ 2,052,288
 




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