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GEN News Highlights : Jan 28, 2013
Bittersweet News at Biogen Idec
Higher taxes in Denmark led to lower fourth-quarter profits for Biogen Idec, which saw its net income dip by 3% year-to-year despite rising sales of its drugs.
Biogen Idec finished Q4 with $292.1 million in net income, down from $300.2 million during the final three months of 2011. The company cited a $29 million tax expense for its Denmark facility, which it blamed on correction of a multi-year accounting error in computing taxes on capitalized interest.
The company blamed the error for a 12-cent decline in earnings per share, which ended Q4 at $1.23, up only one cent or 1% from fourth-quarter 2011. Excluding special items, earnings per share were $1.40, down 7% from a year earlier and six cents or 4% below the consensus estimate of 25 analysts polled by Thomson Reuters.
Also lowering Biogen Idec Q4 results was a drop in corporate partner revenues to $6 million, from $20 million in Q4 2011.
One bright spot for Biogen Idec was continued growth in sales of its drugs. Q4 revenues rose about 7% to $1.4 billion from $1.3 billion in the year-ago quarter, driven by rising sales of its drugs:
For all of 2012, revenues rose 9% to $5.5 billion, accounting for a 12% year-to-year jump in net income, to about $1.4 billion from almost $1.3 billion in 2011. Full-year earnings per share climbed 14% to $5.76 from $5.04.
Avonex was Biogen Idec’s best-selling drug all 12 months of last year, generating $2.9 billion in revenues, up 8% from Q4 2012. Next-highest was Tysabri with $1.1 billion, up 5%; Rituxan, also at $1.1 billion, up 14%; then Fumaderm at $59.7 million, up 9%; and Fampyra at $57.4 million, also up 9%.
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