Big-cap biotech Biogen Idec (BIIB) soundly beat analysts’ Q2 expectations and substantially raised its guidance early Wednesday, sending shares up more than 11% in midday trading in the stock market today to near 338, a four-month high. Biogen’s Q2 earnings rose 52% over the year-earlier quarter to $3.49 a share, topping analysts’ consensus by 66 cents. Sales increased 40% to $2.4 billion vs. the Street’s $2.16 billion. The company increased its
The four highest-rated of the market’s seven big-cap biotechs are set to report second-quarter earnings this week, each with its own unique storyline. Biogen Idec (BIIB), the subject of Tuesday’s New America, will be first to report before the open Wednesday. Analysts’ consensus calls for sales of $2.16 billion, up 25% from the year-earlier quarter, with earnings up 23% to $2.83 a share. One point of interest about the quarter is that it includes
Big-cap biotechs Biogen Idec (BIIB) and Celgene (CELG) were headed in opposite directions on the stock market today after JPMorgan upgraded one and downgraded the other. JPMorgan analyst Geoff Meacham lifted his rating on Biogen to overweight from neutral and his price target to 375 from 300. He wrote in a research note that a survey of 50 neurologists had yielded positive opinions on Tecfidera, the oral multiple-sclerosis drug that Biogen