WESTON (dpa-AFX) - Shares of Biogen Idec, Inc. (BIIB) surged more than seven percent in extended trading on Thursday after the global biotechnology firm reported adjusted profit for the fourth quarter that topped analysts' expectations, while quarterly revenues matched their estimates.
The company also reported a profit for the quarter nearly doubled from last year, reflecting lower charges and strong double-digit revenue growth amid improved sales of multiple sclerosis drugs Tysabri and Tecfidera. Looking ahead, the company provided earnings guidance for the full-year 2015, above Street view.
The Weston, Massachusetts-based company reported net income of $883.46 million or $3.74 per share for the fourth quarter, sharply higher than $457.31 million or $1.92 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter was $965.6 million or $4.09 per share, compared to $557.0 million or $2.34 per share in the year-ago quarter.
On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $3.78 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 34 percent to $2.64 billion from $1.97 billion in the same quarter last year, and matched twenty-one Wall Street analysts' consensus estimate of $2.64 billion.
Product revenues for the quarter increased to $2.29 billion from $1.61 billion, and revenue from unconsolidated joint ventures for cancer drug Rituxan grew to $304.53 million from last year's $269.42 million. Royalties slipped to $31 million from $61 million from a year ago.
Multiple sclerosis drug Avonex sales grew to $736.0 million from $751.5 million last year. Another multiple sclerosis drug Tysabri sales grew to $483.9 million from $426.6 million a year ago. Tecfidera sales totaled $916.0 million, sharply higher than $397.6 million last year, as its roll-out continues across the globe.
Psoriasis drug Fumaderm sales edged up to $14.4 million from last year's $14.1 million, and Fampyra sales grew to $18.5 million from $17.3 million last year.
Sales for Plegridy, approved in the US and EU for Multiple Sclerosis, totaled $41.1 million. Sales for Eloctata, launched in the US for Hemophilia A, was $36.8 million, and sales for Hemophilia B therapy Alprolix, launched in the US, Canada and Australia, was $40.3 million.
'2014 was a remarkable year for our company and the patients we serve. The growth of TECFIDERA in world markets, the improved performance of TYSABRI and our entry into the treatment of hemophilia demonstrated our strength as a commercial organization while benefiting patients in many countries around the world,' CEO George Scangos said in a statement.
Looking ahead to fiscal 2015, Biogen expects adjusted earnings in a range of $16.60 to $17.00 per share, on projected revenue growth of 14 to 16 percent from last year. Street is currently looking for full-year 2015 earnings of $16.37 per share, on annual revenue growth of 15.60 percent to $11.22 billion.
'2015 promises to be another exciting year,' Dr. Scangos continued. 'Our focus on novel biology to seek treatments for challenging diseases has shaped our pipeline and business strategy, and we expect that will continue in the future,' Scangos added.
BIIB closed Thursday's regular trading session at $353.25, up $2.07 or 0.59% on a volume of 1.42 million shares. The stock soared a further $25.75 or 7.29% in after-hours trading.
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