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.
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