Profit drops at Biogen Idec

Biogen Idec Inc. said today that its third-quarter profit dropped 24 percent, a result that fell short of Wall Street expectations as the biotechnology company seeks potential buyers.

Cambridge-based Biogen Idec reported net income for the July-September period of $119.4 million, or 41 cents per share, versus $156.6 million, or 45 cents per share, a year ago.

Revenue rose 12 percent to $789.2 million from $703.5 million, but that was short of the consensus forecast of analysts surveyed by Thomson Financial, who expected revenue of $803.65 million.

Excluding one-time expenses from items including acquisitions, Biogen Idec posted a profit of $170.4 million, or 58 cents per share, compared with $207 million, or 60 cents per share, on that basis a year ago. The latest quarter's profit performance fell short of analysts' consensus forecast of 65 cents per share.

Sales of Avonex, a multiple-sclerosis medication, rose 2 percent to $455 million. Sales of Tysabri, a newer MS medication, brought $63 million in revenue for Biogen Idec, which shares revenue from the drug with Ireland's Elan Corp.

On Oct. 12, Biogen Idec said it was exploring a possible sale of the company and already had interest from billionaire investor Carl Icahn, who has recently bought up company shares. (AP)