Quarterly Earnings of a Biotech Company Biogen Idec (NASDAQ:BIIB ):
Net income $308.8 million or $1.20 per share vs. $217.4 million or $0.80 per share YoY that is 42 % increase in profit. While revenue rose 8.5 % to 1.2 billion on YOY basis. Wall St expectations was higher around $ 1.41 per share ( mean ) and range varied from $ 1.22 per share to $ 1.49 per share.
Share was trading more than 23% higher to above $106 in morning trade. Also, Genentech, a member of Roche Holding Ltd. and Biogen Idec Inc. announced that the U.S. Food and Drug Administration (FDA) approved Rituxan (rituximab), in combination with corticosteroids, as a new medicine for adults with Wegener’s Granulomatosis (WG) and Microscopic Polyangiitis (MPA) ( Reuters).
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