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Biogen profit beats estimates, helped by lower taxes
April 25, 2013 / 11:01 AM / 5 years ago

Biogen profit beats estimates, helped by lower taxes

April 25 (Reuters) - Biogen Idec Inc reported stronger-than-expected quarterly earnings, helped by unusually low taxes and sales growth of its treatments for multiple sclerosis.

The U.S. biotechnology company said on Thursday it earned $426.8 million, or $1.79 per share, in the first quarter. That compared with $302.7 million, or $1.25 per share, in the year earlier period.

Excluding special items, the company earned $1.97 per share. Analysts, on average, expected $1.61 per share, according to Thomson Reuters I/B/E/S.

Global revenue rose 10 percent to $1.42 billion, matching Wall Street expectations.

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