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
TheStreet Open House

Biogen Idec Stock Spikes Following Second Quarter Earnings Beat

Updated with new information, stock price.

NEW YORK (TheStreet) -- Biogen Idec (BIIB) 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. 

Must Read: Warren Buffett's 25 Favorite Stocks

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.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs