Biogen Idec 4Q profits almost double

02/16/06 - newratings.com

NEW YORK, February 16 (newratings.com) – Biotechnology firm Biogen Idec Inc (BIIB) late Wednesday announced that its fourth-quarter earnings surged 94%.

The Cambridge, Massachusetts-based company said its net income for the three months ended December 31 almost doubled to $55.6 million, or 16¢ per share, from $28.7 million, or 8¢ per share, in the year-ago quarter. Excluding onetime items, Biogen Idec’s earnings for the fourth quarter stood at 48¢ per share. The company’s revenues climbed almost 8% to $632.9 million. Biogen Idec witnessed a 12% jump in revenues from its multiple sclerosis drug Avonex, while sales of Rituxan, which the company co-promotes with Genentech, rose 6%. Biogen Idec projected its earnings, excluding onetime items, for 2006 at $1.95-$2.10 per share.