Biogen Idec Third Quarter 2014 Revenues Increase 37% to $2.5 Billion

Biogen Idec has reported third quarter 2014 results, including revenue of $2.5 billion, a 37% increase compared to the third quarter of 2013.

Third quarter 2014 non-GAAP diluted earnings per share (EPS) were $3.80, an increase of 61% over the third quarter of 2013. Non-GAAP net income attributable to Biogen Idec for the third quarter was $900 million, an increase of 60% over the third quarter of 2013.

On a reported basis, GAAP diluted EPS for the third quarter of 2014 were $3.62, an increase of 77% over the third quarter of 2013. GAAP net income attributable to Biogen Idec for the third quarter of 2014 was $857 million, an increase of 76% versus the same period in the prior year. A reconciliation of GAAP to Non-GAAP quarterly financial results and 2014 full year guidance can be found in Table 3 at the end of this release.

“The third quarter was a period of significant achievement as we continued to make progress against our corporate objectives,” said CEO George A. Scangos. “We introduced innovative therapies for MS and hemophilia and began to launch them in markets worldwide. We also launched Tecfidera in several European countries, furthering its position as a leading oral MS therapy.

“As we continued to extend our commercial business we remained focused on building our future, bringing to our team leading talent in technology, ALS research, neurology and gene therapy. I am also very proud of being recognised for our focus on corporate citizenship as again we were named the leading biotechnology company on the Dow Jones Sustainability Index,” Dr Scangos added.

Third Quarter 2014 Performance Highlights

• Tecfidera revenues were $787 million, consisting of $638 million in US sales and $149 million in sales outside the US.
• Interferon revenues, including Avonex and Plegridy, were $745 million, consisting of $482 million in US sales and $263 million in sales outside the US.
• Tysabri revenues were $501 million, consisting of $275 million in US sales and $226 million in sales outside the US.
• Net revenues relating to Rituxan and Gazyva from our unconsolidated joint business arrangement were $291 million.
• Alprolix revenues were $25 million, and Electate revenues were $22 million.