Key Developments For Biogen Idec Inc.
Biogen Idec Inc. (BIIB.O) (Nasdaq)
Biogen Idec Inc. Reaffirms FY 2009 Guidance-Conference Call
Biogen Idec Inc. announced that for fiscal 2009, it expects revenue growth to be in the mid to high single digits on a year-over-year basis, Non-GAAP diluted earnings per share (EPS) to be above $3.85 and GAAP diluted EPS is expected to be above $2.97. The Company reported of $4.097 billion for fiscal 2008. According to Reuters Estimates, analysts are expecting the Company to report revenue of $4.37 billion and EPS of $3.98 for the same period.
EU Panel Reviewing Biogen Idec Inc. And Elan's Tysabri; Cites PML Cases-DJ
Dow Jones reported that a European panel has started a review of controversial Multiple Sclerosis drug Tysabri, sold by Biogen Idec Inc. and Elan Plc, citing a much higher rate of a rare brain infection than previously disclosed. In a statement, the European Medicines Agency's Committee for Medicinal Products for Human Use, commonly called CHMP, reported that there are 23 cases of progressive multifocal leukoencephalopathy, or PML, since the drug's launch. Previously, there had only been 13 cases of the infection since the drug re-entered the market in 2006, following an 18-month removal that was prompted by a link to PML.
Biogen Idec Inc. Updates FY 2009 Revenue Guidance; Reaffirms FY 2009 EPS Guidance; Board Authorizes $1 Billion Share Repurchase Program
Biogen Idec Inc. updated its fiscal 2009 guidance and expects revenue growth to be in the mid to high single digits on a year over year basis and non-GAAP diluted earnings per share (EPS) to be above $3.85. GAAP diluted EPS is expected to be above $2.97. The Company reported revenues of $4.097 billion in fiscal 2008. According to Reuters Estimates, analysts are expecting the Company to report EPS of $3.91 on revenues of $4.382 billion for fiscal 2009. The Company also announced that in October 2009, the Company's Board of Directors authorized the repurchase of up to $1 billion of common stock. This is in addition to the 6 million shares remaining from the Company's previous share repurchase authorization. This new $1 billion authorization is intended to reduce the Company's shares outstanding, with the objective of returning excess cash to shareholders. Shares will be purchased on the open market and retired.
Biogen Idec Inc., Biovitrum AB Will Advance Hemophilia Drug-AP
The Associated Press reported that Biogen Idec Inc. and Biovitrum AB said they will move a potential hemophilia B treatment into a late-stage study. The global study is being designed to assess the safety and effectiveness of the drug candidate rFIXFc in preventing and treating bleeding associated with hemophilia B.
Facet Biotech Corporation's Board of Directors Recommends Stockholders Continue To Reject Biogen Idec Inc.'s Tender Offer
Facet Biotech Corporation announced that it has responded to Biogen Idec Inc.'s announcement that it is extending its unsolicited tender offer to acquire all of the outstanding shares of Facet Biotech common stock for $14.50 per share in cash. Facet Biotech Corporation's Board of Directors reviewed and determined to not be in Facet Biotech stockholders' best interests and which an overwhelming majority of Facet Biotech's stockholders have rejected by not tendering their shares.
