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Biogen Idec Inc (BIIB) filed Annual Report for the period ended 2011-12-31.
Biogen Idec Inc has a market cap of $29.46 billion; its shares were traded at around $121.26 with a P/E ratio of 21.1 and P/S ratio of 6.3. Biogen Idec Inc had an annual average earning growth of 25.3% over the past 5 years.
This is the annual revenues and earnings per share of BIIB over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BIIB.
Highlight of Business Operations:
Total cost and expenses decreased 4.1% for 2011 compared to 2010. This decrease was primarily the result of the $245.0 million of IPR&D charges recognized in 2010 as well as a 2.3% decrease in research and development expense and a 74.7% decrease in restructuring charges recognized over 2010. These decreases were offset by a 16.6% increase in cost of sales, a 23.1% increase in collaboration profit sharing expense due to TYSABRI revenue growth, as well as a 2.4% increase in selling, general and administrative costs over the same period in 2010.Net sales of TYSABRI from our collaboration partner, Elan, to third-party customers in the U.S. for 2011, 2010, and 2009 totaled $746.5 million, $593.1 million, and $508.5 million, respectively.
For 2011 compared to 2010, as well as for 2010 compared to 2009, the increases in collaboration profit sharing expense were due to the continued increase in TYSABRI rest of world sales resulting in higher rest of world net operating profits to be shared with Elan and resulting in growth in the third-party royalties Elan paid on behalf of the collaboration. For 2011, 2010, and 2009, our collaboration profit sharing expense included $55.5 million, $45.5 million and $40.0 million related to the reimbursement of third-party royalty payments made by Elan. For additional information about this collaboration, please read Note 20, Collaborations to our consolidated financial statements included in this report.
In addition, we also recorded a contingent consideration obligation of $38.8 million in the third quarter of 2011 related to our purchase of the noncontrolling interest in our joint venture investments in Biogen Dompé SRL and Biogen Dompé Switzerland GmbH, our respective sales affiliates in Italy and Switzerland. The fair value of this contingent consideration obligation as of December 31, 2011 was $31.9 million. The decrease in the fair value of this obligation, of $6.9 million since the acquisition date, was primarily due to changes in the discount rate and in the probability and expected timing related to the achievement of certain cumulative sales-based and developmental milestones.
For 2011 compared to 2010, the change in net income attributable to noncontrolling interests, net of tax, primarily resulted from the impact of our Knopp transaction recorded in 2010, offset by the $25.0 million termination payment made to Cardiokine. Net income attributable to noncontrolling interests, net of tax, for 2011 also reflects a reduction in earnings from our foreign joint ventures due to our purchase of the noncontrolling interest in our joint venture investments described above, as well as the attribution of a $15.0 million milestone payment to Neurimmune SubOne AG (Neurimmune) upon our submission an Investigational New Drug application for BIIB037 (human anti-Amyloid ß mAb) in April 2011, and the attribution of a $10.0 million milestone payment to Knopp upon dosing the first patient in a registrational study for dexpramipexole in March 2011.
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