Biogen Idec Posts Q2 Profit Of $288 Million

Biogen Idec posted second-quarter net income attributable to the company of $288.03 million or $1.18 per share compared to $293.44 million or $1.12 per share last year.

Non-GAAP net income attributable to the company was $332.2 million or $1.36 per share versus $343.2 million or $1.31 per share a year ago.
Quarterly revenues stood flat at $1.21 billion.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.37 per share on revenues of $1.18 billion for the quarter. Analysts' estimates typically exclude special items.

Going ahead, the company revised outlook for 2011. The company now expects earnings per share to be above $4.91. Non-GAAP earnings per share is expected to be above $5.70. Analysts expect earnings of $5.85 per share for the year.

Also, for 2011, revenue growth is expected to be in the low to mid-single digits versus 2010. Analysts anticipate revenues of $4.83 billion for the year.