[August 17, 2006] Biogen Idec reports loss of $0.50 per share Tweet (Science Letter Via Thomson Dialog NewsEdge) Biogen Idec, Inc., (BIIB) reported its second quarter 2006 results. James Mullen, Biogen Idec's CEO, commented, "The core businesses demonstrated double-digit growth in the second quarter, driven by strong Avonex and Rituxan performance. With Tysabri recently approved in both the U.S. and Europe, this important therapeutic option is now available to the multiple sclerosis community. We expect Tysabri will enhance our neurology business and begin to accelerate top-line growth over the coming quarters. Additionally, we completed two acquisitions of private companies this quarter and continue to focus on business development opportunities." On a reported basis, calculated in accordance with GAAP, Biogen Idec reported a net loss of $171 million (or loss per share of $0.50) in the second quarter of 2006 (Q2 2005: net income of $35 million, or EPS of $0.10). On a non-GAAP basis, Biogen Idec reported non-GAAP EPS of $0.57 for the second quarter of 2006 (Q2 2005 non-GAAP EPS: $0.43). Non-GAAP net income was $197 million in the second quarter of 2006 (Q2 2005 non-GAAP net income: $149 million). Biogen Idec continues to expect that its 2006 non-GAAP earnings per share will be in the range of $1.95 to $2.10. Guidance for full year 2006 reported earnings per share (GAAP-based financial measure) is not currently known, as the company cannot predict with any certainty the nature or the amount of non-operating or unusual charges for subsequent quarters. The company does anticipate that certain charges related to purchase accounting will be included in the GAAP financials, such as the write-off of acquired in-process R & D ($331 million recorded in the current quarter) and amortization of intangibles of approximately $250 - $330 million, primarily related to the Avonex intangibles. Separately, the impact of stock options being expensed due to FAS 123R in 2006 continues to be estimated to be in the range of $0.08 - $0.12. Additionally, the company anticipates that it may have to take other charges in subsequent quarters and that such charges, if material, would cause reported earnings per share to further differ from non-GAAP earnings per share. The company continues to anticipate that 2006 capital expenditures will be in the range of $190 - $275 million. This article was prepared by Science Letter editors from staff and other reports. Copyright 2006, Science Letter via NewsRx.com. Copyright 2006 Science Letter via NewsRx.com [ Back To TMCnet.com's Homepage ]