Secondary Plays: ELN (Tysabri). BIIB and DNA collaborate on RITUXAN, DNA announced revs of $596 mln in Q4 ($622 mln consensus)...
BIIB is expected to report 4Q07 earnings before market open with a conf call to follow at 8:30 AM ET...
BIIB Consensus: First Call 4Q07 EPS of $0.80, revs of $835.4 mln; 1Q08 EPS of $0.79, revs of $865.5 mln; FY07 EPS of $2.66, revs of $3.11 bln; FY08 EPS of $3.30, revs of $3.59 bln... Drug Consensus: Avonex $465.0 mln, Rituaxan $246.1 mln, Tysabri share $83.2 mln...
Guidance: Co sees FY07 EPS to be above range of $2.60-2.70; revs of $2.95-3.11 bln. Co sees FY08 EPS of $3.20-3.35; revs of 15-20% over Y07 forecast. Revs have been growing on average of 15% over the past few years. There is no consistent pattern in EPS...
Expectations: Analysts are generally cautious on the co and very skeptical on the co being able to meet its long-term guidance and its pipeline. In addition, there are skeptics out there regarding its Avonex drug which had disappointing sales in Q3. There is general pessimism around following the co's failure to sell itself, but some analysts have changed their opinion a bit following the FDA approval of Tysabri for Chrohn's disease. Note, there is also the ongoing saga with Icahn where he is trying to spark interest in the co after its failure to sell itself...
Areas of Focus on the Call: 1) More color into outlook 2) Updates on BIIB's pipeline 3) Avonex strength and Tysabri (Tysabri is expected to drive Q4 strength) 4) FY08 outlook...
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