This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Biogen Idec Stock Spikes Following Second Quarter Earnings Beat

Updated with new information, stock price.

NEW YORK (TheStreet) -- Biogen Idec (BIIB - Get Report) shares are up 10% to $335 Wednesday after the biotech company reported a year-over-year 40% second quarter increase in revenues to $2.4 billion, beating analysts' $2.2 billion consensus estimate. The company also raised financial guidance for the remainder of 2014.

Earnings for the quarter were $3.49 per diluted share, well ahead of analysts' expectations of $2.83 per share. The company's outsized profits were driven by better than expected sales of the multiple sclerosis drugs Tecfidera and strong Avonex sales. Tecfideral sales totaled $700 million worldwide, trouncing the consensus estimate of $558 million. On its conference call, Biogen executives said Tecfidera's launch in Europe was stronger than it had anticipated. especially in Germany, which accounted for nearly 75% of the $115 million in overseas sales.

Biogen raised its full year guidance, increasing total revenue growth expectations to between 38% and 41%, up from its own previous estimates of between 26% and 28% growth, as well as Wall Street's consensus estimate of 28% growth.

On its call, Biogen said top-line results from a phase II study of its anti-LINGO antibody in optic neuritis would be announced in January 2015 -- a slight delay to expectations for data at the end of 2014. The anti-LINGO antibody is perhaps the most important product in Biogen's research pipeline because of its potential to reverse chronic neuro-degenerative diseases like multiple sclerosis. 

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

BIIB CharttBIIB data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BIIB $290.35 0.00%
AAPL $110.38 0.00%
FB $92.07 0.00%
GOOG $626.91 0.00%
TSLA $247.57 0.00%


Chart of I:DJI
DOW 16,472.37 +200.36 1.23%
S&P 500 1,951.36 +27.54 1.43%
NASDAQ 4,707.7750 +80.6910 1.74%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs