Filed under: Earnings reports, Forecasts, Good news

Shares of drugmaker Biogen Idec Inc. (NASDAQ: BIIB) are higher this morning after the company posted an 84% surge in its fourth-quarter profit, driven by strong sales of its multiple sclerosis drugs Avonex and Tysabri.

The company said its profit increased during the fourth quarter to $201.2 million, or 67 cents per share. This is a significant jump from the same period of last year when the company reported a profit of $108.6 million, or 32 cents per share. Included in Biogen’s earnings figures were costs related to merger, and expenses related to the company’s stock option.

Excluding that, the drugmaker’s quarterly profit gained 45% and its earnings per share came in at 89 cents. Analysts were expecting the company show earnings of only 80 cents per share.

Continue reading Biogen (BIIB) fourth-quarter profit surges 84%

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This entry was posted on Wednesday, February 6th, 2008 at 3:12 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.