Biogen Idec's 2Q profit rises 11 percent

"We are warming up to Biogen Idec as we believe the company is slated to continue to beat the quarters in 2008," Citi analyst Dr. Yaron Werber said in a note to investors, citing Tysabri and Avonex sales.

Biogen's share of revenue from the non-Hodgkin's lymphoma and rheumatoid arthritis drug Rituxan rose 21 percent to $278.8 million. The company's partner on the drug is Genentech Inc.

Sales from other products, including psoriasis drugs Amevive and Fumaderm and the cancer drug Zevalin, accounted for $10.2 million in revenue.

For the six months ended June 30, the company earned $369.7 million, or $1.24 per share, compared with profit of $317.6 million, or 92 cents per share, during the prior year period. Revenue rose to $1.94 billion from $1.49 billion.

Looking ahead, the company raised 2008 profit guidance to at least $3.50 per share, excluding charges, from prior guidance of between $3.25 to $3.45 per share. Full-year revenue is now expected to reach a record $4 billion, or a boost in the mid-20 percent range from 2007 figures, up from prior expectations for 15 percent to 20 percent growth.