Biogen Shares Jump After Company Reports Earnings

Shares of Biogen Idec Inc. jumped more than 6% in recent after-hours trades after the biotechnology company reported fourth-quarter earnings that beat analyst forecasts. Biogen said net income was $882.6 million, or $3.74 a share, nearly double the $457.3 million, or $1.92 a share, from a year ago. Sales for the Cambridge, Mass.-based company were $2.64 billion against last year's $1.97 billion. Adjusted earnings of $4.09 a share were well ahead of the $3.77 expected from analysts polled by FactSet, though sales were in line with projections. After finishing Thursday's regular session slightly higher, Biogen shares stood at $375, up $21.75, in recent after-hours trades.