Biogen Idec (BIIB) reported better-than-expected sales for its multiple sclerosis drug Tecfidera in the fourth quarter and issued a mixed outlook for 2014 financial guidance.
The company's projects 2014 revenue growth to be 22-25% vs. consensus of 21%, so slightly better than expected. Biogen's guidance implies 2014 total revenue in the range of $8.45 billion to $8.66 billion compared to current consensus of $8.35 billion.
On the bottom line, Biogen forecasts 2014 adjusted earnings per share in the range of $11 to $11.20, which is below the consensus of $11.63 per share. It looks like higher R&D costs in 2014 may be the reason for the weaker earnings guidance, according to analysts.
For the fourth quarter, Biogen reported adjusted earnings of $2.34 per share vs. $2.27 consensus. Revenue came in at $1.97 billion vs. $1.94 billion consensus.
Sales of Tecfidera in the fourth quarter totaled $398 million vs. $345 million consensus.