UPDATE: Biogen Idec Posts Downbeat Q4 Profit, Issues Weak 2013 Profit Forecast

UPDATE: Biogen Idec Posts Downbeat Q4 Profit, Issues Weak 2013 Profit Forecast

Biogen Idec (NASDAQ: BIIB) reported a 2.7% drop in its fourth-quarter earnings.

Biogen expects 2013 adjusted earnings of $ 7.15 to $ 7.25 per share on around 10% rise in revenue. However, analysts were expecting a profit of $ 7.27 per share on 9% revenue growth.

Biogen’s quarterly profit fell to $ 292.1 million, or $ 1.23 per share, from $ 300.2 million, or $ 1.22 per share, in the year-ago period. Excluding one-time items, it earned $ 1.40 per share.

Its revenue rose 6.9% to $ 1.42 billion. However, analysts expected earnings of $ 1.46 per share on revenue of $ 1.39 billion.

Biogen shares closed at $ 146.20 on Friday.

Tags: profit

Posted in: Earnings, News, Guidance


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