Biogen's Net Income Nearly Doubles....

BIIB up 1.37 to $61.89

Biogen Idec Inc.'s (BIIB) fourth-quarter net income nearly doubled as sales of multiple sclerosis drugs Avonex and Tysabri continued to grow sharply. The Massachusetts biotech company reported net income of $201.2 million, or 67 cents a share, from $108.6 million, or 32 cents a share, a year earlier. Excluding items, including acquisition-related costs and a prior-year license settlement, earnings rose to 89 cents a share from 53 cents.

Revenue jumped 26% to $893.3 million. The mean per-share earnings estimate of analysts polled by Thomson Financial was 80 cents on revenue of $836 million.

Sales of Biogen's bestseller, multiple sclerosis drug Avonex, grew 15% to $502.5 million. The company's portion of sales from its other multiple sclerosis drug, Tysabri, rose fivefold to $89.6 million out of $129 million in global sales. The balance goes to Biogen's partner on the drug, Elan Corp. (ELN). Arthritis drug Rituxan's sales grew 17% to $254 million. Biogen co-promotes with Genentech Inc. (DNA), and gets a share of pretax profits.

Looking forward, Biogen backed its previous estimate of per-share earnings, excluding items of $3.20 to $3.35 on revenue up 15% to 20%. Analysts expect 2008 per-share earnings of $3.30 on revenue up 15% to $3.59 billion. The company has said it expects to double its profit by 2010.