(By Balachander) Biogen Idec Inc. (NASDAQ: BIIB) posted a fall in quarterly earnings as higher cost and expenses offset revenue growth and the biotechnology company issued its forecast for 2013.
On a non-GAAP basis, earnings per share (EPS) declined 7.3 percent to $1.40 and missed market expectations of $1.46 for the fourth quarter.
GAAP net income attributable to Biogen Idec also decreased 2.7 percent to $292 million from the year-ago period.
Revenue rose 7 percent to $1.4 billion versus consensus estimates of $1.39 billion. Revenue from the company's multiple sclerosis (MS) drugs Tysabri and Avonex grew 10 percent and 7 percent, respectively.
[Related -Biogen Idec Inc (BIIB): Top Reasons To Own Biogen Idec]
Total cost and expenses increased 7.6 percent.
For 2012, the company earned $6.53 on a non-GAAP basis on revenue of $5.5 billion.
Looking ahead for the full year 2013, the company expects non-GAAP EPS in the range of $7.15 to $7.25 on revenue growth of roughly 10 percent. Analysts expect EPS of $7.27 on revenue of $5.98 billion.
"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," commented CEO George Scangos.
The stock, which has been trading in the 52-week range of $114.53 to $157.18, closed Friday's regular trading at $146.20.