Biogen Earnings Rise, Surpass Estimates

Biogen Idec(BIIB Quote) beat profit expectations Tuesday, becoming the third big biotech to deliver better-than-expected third-quarter product sales.

Shares closed at $47.49 on Monday.

The company said Tuesday that it earned $207 million, or 70 cents a share, in the third quarter, versus a year ago profit of $119 million, or 41 cents a share. On an adjusted basis, Biogen earned 98 cents a share, up from 58 cents in the year-ago quarter. Revenue increased 38% to $1.09 billion.

Profit results trounced the expectations of analysts, who on average were expecting 89 cents a share on $1 billion in revenue, according to Thomson Reuters. ...