Biogen Idec Inc., a Weston company known for its multiple sclerosis drugs such as Avonex and Tysabri, said Monday that its fourth-quarter revenues rose 7 percent on a year-to-year basis to $1.4 billion.
Fourth-quarter 2012 GAAP diluted earnings per share were $1.23, an increase of 1 percent over the fourth quarter of 2011. GAAP net income attributable to Biogen Idec for the quarter was $292 million, a decrease of 3 percent from the fourth quarter of 2011.
In a press release, the company said it corrected its accounting for taxes on capitalized interest at its Denmark facility. The error accumulated over several years and increased tax expense in the quarter by $29 million. GAAP and non-GAAP net income attributable to Biogen Idec and diluted EPS include the impact of our correction. This unfavorably impacted both GAAP and non-GAAP fourth-quarter 2012 diluted EPS by 12 cents.
Total revenues in 2012 increased 9 percent to $5.5 billion year-over-year.
On a reported basis, full year 2012 GAAP diluted EPS were $5.76, an increase of 14 percent versus 2011. GAAP net income attributable to Biogen Idec for the year was $1.4 billion, an increase of 12 percent versus 2011, the company said.
“We recorded another solid year of revenue growth and profitability, all while advancing our late-stage pipeline and investing in upcoming product launches,” George A. Scangos, Biogen Idec’s chief executive, said in a statement. “We are poised to begin what we expect will be a remarkable period of growth, driven by our promising compounds including TECFIDERA and Peginterferon beta-1a for MS, and both Factor VIII and Factor IX for hemophilia. We appreciate the excitement that MS and hemophilia patients have expressed to us about these candidates, and our teams are well prepared to support the launches. We expect MS and hemophilia patients will benefit from these important new products for years to come.”
Biogen Idec also announced its full year 2013 financial guidance. Revenue growth is expected to be approximately 10 percent.
Non-GAAP diluted EPS is expected to be between $7.15 and $7.25, and GAAP diluted EPS is expected to be between $6.45 and $6.55.