Biogen Idec tops 2Q earnings expectations, misses revenue forecasts

MarketsAssociated Press

Biogen Idec Inc. (BIIB) on Friday reported second-quarter profit of $927.3 million.

On a per-share basis, the Cambridge, Massachusetts-based company said it had net income of $3.93. Earnings, adjusted for one-time gains and costs, were $4.22 per share.

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The results topped Wall Street expectations. The average estimate of 19 analysts surveyed by Zacks Investment Research was for earnings of $4.10 per share.

The biotechnology company posted revenue of $2.59 billion in the period, which missed Street forecasts. Eighteen analysts surveyed by Zacks expected $2.71 billion.

Biogen expects full-year earnings in the range of $15.50 to $15.95 per share.

Biogen shares have risen 13 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 2 percent. The stock has climbed 24 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BIIB at http://www.zacks.com/ap/BIIB

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Keywords: Biogen Idec, Earnings Report