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Thursday, February 15, 2007
Biogen Idec Inc. said today that its fourth-quarter profit nearly doubled.
The gains were led by higher sales of drugs to treat cancer and multiple sclerosis.
The biotechnology company earned $108.6 million, or 32 cents per share, for the three months ended Dec. 31, up from a profit of $55.6 million, or 16 cents per share, a year earlier.
Excluding charges for acquisitions and collaborations, the company said it earned 53 cents per share.
Revenue rose 12 percent to $708.3 million compared with $632.9 million.
Biogen said the revenue growth was led by increased sales of the multiple sclerosis treatment Avonex and the cancer treatment Rituxan, which the company co-promotes in the U.S. with Genentech.
For the full year the company earned $217.5 million, or 63 cents per share, compared with a profit of $160.7 million, or 47 cents per share. Revenue rose to $2.68 billion from $2.42 billion.
In 2007, the company said it expects profit between $1.69 and $1.84 per share and revenue to grow in the "mid-teens" percentage-wise.
(By Chris Reidy, Globe staff)
Posted by Boston Globe Business Team at 08:33 AM
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