Biogen Idec Offers 2010 Guidance: BioBuzz - TheStreet

CAMBRIDGE, Mass. (

TheStreet

) --

Biogen Idec

(BIIB) - Get Report

said Tuesday that the company expects 2010 adjusted earnings per share to be "above" $4.55 on total revenue growth in the mid-single digits.

As it stands, the Street was looking for Biogen to earn $4.37 a share on a pro forma basis with total revenue of $4.51 billion, which represents 3% year-over-year growth.

For the fourth quarter, Biogen said net income totaled $305.6 million, or $1.06 a share, from $206.7 million, or 70 cents a share, in the fourth quarter last year. On an adjusted, or pro forma basis, earnings were $1.20 a share, topping the consensus estimate of $1.05 a share.

Revenue in the fourth quarter totaled $1.13 billion compared to $1.07 billion in the year-ago quarter.

Last month, Biogen pre-announced that sales of its multiple sclerosis drug Tysabri surpassed $1 billion in the 2009, matching Street consensus estimates. Tuesday, Biogen said 2009 Tysabri sales totaled $1.1 billion.

-- Reported by Adam Feuerstein in Boston.

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