(BIIB) Biogen Idec Incorporated – Bull of the Day

Biogen Idec’s (BIIB) second quarter EPS of $1.82 was well above the Zacks Consensus Estimate of $1.56 and the year-ago EPS of $1.35. Higher revenues and a lower share count boosted earnings. Second quarter 2012 revenues increased 17.6% to $1.4 billion, well above the Zacks Consensus Estimate of $1.3 billion.

Biogen increased its earnings outlook for 2012 and now expects EPS to exceed $6.20. Estimates have been on the rise following the release of strong second quarter results. The Zacks Consensus Estimate for 2012 has gone up by 19 cents to $6.33 per share. We are upgrading the stock to Outperform.

Key products Avonex and Tysabri should continue contributing significantly to sales. BG-12 should help drive long-term growth. Meanwhile, Biogen’s restructuring initiative should help drive the bottom line. We are also pleased with Biogen’s efforts to streamline its pipeline.

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