Search for "SEC Live Filings Digest" to find out more.
Biogen Idec Inc. (BIIB) announced its financial results for the third quarter of fiscal year 2013, reporting a profit increase of 22% from a year ago. Revenues grew 32% from $1.39B in the year-ago quarter to $1.83B while royalties increased from $47M to $54M and product sales continued its upward movement from $1.04B to $1.45B. Adjusted net income for the quarter improved from $454.7M and $1.91 per share to $561.1M and $2.35 per share, beating expectations. Biogen raised its earnings projections for the year from between $8.25 and $8.50 per share to between $8.65 and $8.85 per share. CEO George Scangos remarked that the company is pleased with its value added to patients and physicians and is looking forward to making advances in its other products to meet other medical needs.