Biogen Idec (BIIB) shares soared after the company posted its earnings report for the second quarter of 2014.
Biogen’s earnings report for the second quarter of 2014 included revenue of $2.4 billion. This is a 40% increase in revenue when compared to the same time last year. The company also reported GAAP net income of $715 million in Q2 2014. This is a 46% increase compared to Q2 net income in 2013.
Bigoen’s Q2 2014 earnings report also showed that the company had non-GAAP diluted earnings per share of $3.49, which is a 52% increase when compared to earnings per share in the second quarter of 2013.
Analysts predictions for Biogen’s second quarter placed the company’s revenue revenue at $2.16 billion with earnings per share of $2.83.
Biogen has increased its financial guidance for the full year of 2014. The company is expecting to see revenue growth for the year of 2014 to increase by 38% to 41%. It has set GAAP diluted EPS to be between $11.26 and $11.46 and Non-GAAP diluted EPS to be between $12.90 and $13.10. The company also expects R&D expenses to be 20% to 21% of its revenue and SG&A expenses to be 22% to 23% of its revenue.
BIIB shares were up 10% as of Wednesday morning.
