Biogen Idec Inc.

Biogen Idec Inc. (BIIB) shares continue to climb as the company's next earnings announcement quickly approaches. Biogen is looking for its fifth consecutive surprise on Feb 6.

Company Description

Biogen Idec, Inc. is a biopharmaceutical company engaged primarily in the research, development and commercialization of targeted therapies for the treatment of cancer and autoimmune and inflammatory diseases.

The company's first commercial product, Rituxan, and most advanced product candidate, Zevalin, are for use in the treatment of certain B-cellnon-Hodgkin's lymphomas. Biogen is also developing products for the treatment of various autoimmune diseases, such as psoriasis, rheumatoidarthritis and lupus.

Earnings Spike

On Oct 21 Biogen reported third-quarter results that included a 64% spike in earnings. Earnings per share came in at 95 cents, up from 58 cents one year ago. Revenues were up 38% to $1,093, from $789. The main driver for the quarter was huge growth in AVONEX, TSYABRI, and RITUXAN, each up more than 25%.

In the press release for the earnings announcement James Mullen, Biogen Idec's Chief Executive Officer said "For the first time in the company's history, Biogen Idec reported quarterly revenues in excess of $1 billion. We increased revenues more than 25% and grew earnings by 30% for the fourth consecutive quarter. Our prospects for growth, both now and in the future, remain strong."

Consistently Surprising

Earnings estimates for the previous quarter were averaging 89 cents, making the 95 cent quarter the fourth consecutive earnings surprise. On average the company has been topping Wall Street estimates by nearly 9%.

The Chart

Shares of BIIB have continued their upward trend after trading sideways using a level of support just above $45. Take a look at the chart below.

Read the full analyst report on BIIB