July 23. 2014 Biogen Idec Inc. The Earnings Keep Coming Upside revs (+279M vs cons) drove the $0.68 EPS beat: Revs of $2.4B were driven by upside Tecfidera ($144M vs cons), Tysabri ($91M cons, incl. a lx $54M or $0.15 catch-up from a reimbursement dispute with Italy) and Avonex (+$30M vs cons). Spendi

expected up 38-41% Y/Y (26-28% prior) and EPS of $12.90-13.10 ($11.35-11.45 prior). Solid product growth continues to support this earnings story: Tecfidera continues to grow in the US, with better compliance and gross-to-net also impacting the qtr. ExUS, Germany is now on a -$350M run-rate with France