NEW YORK (TheStreet) -- Biogen Idec (BIIB) shares are down -1.5% to $301.50 in trading on Wednesday, following the release of the company's first quarter earnings report.
Year over year quarterly revenue rose 50.5% to $2.13 billion, beating analysts consensus estimates of $2 billion.
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However, earnings per share for the biotech company missed guidance, posting an EPS of $2.47, missing analysts estimates by 9 cents.
Biotech ETF stocks are takings hits across the board as Reneron Pharmaceuticals (REGN), Alexion Pharmaceuticals (ALXN), Amgen (AMGN) and Celgene (CELG) are all declining in trade today.