CAMBRIDGE, Mass. Biogden Idec increased total revenue by 18 percent, a total of $3.17 billion—from the $2.86 billion in the year 2006. Biogden Idec is a global biotechnology company that deals with the development, manufacturing and commercialization of innovative therapies.
Fourth-quarter revenue for the company increased 26 percent with a total of $893 million from its $708 million total in 2006. The company’s long-term business plan included a total revenue growth of 15 percent to 18 percent over 2007, increasing operating leverage, and a Non-GAAP tax rate expected to be 28 percent to 30 percent.
“We’re extremely proud of our accomplishments in 2007. We grew revenues by 18 percent and non-GAAP earnings per share by 22 percent; we delivered on our fourth-year growth targets; and we advanced and expanded our pipeline. We’re confident 2008 will be another year of strong financial performance and many meaningful clinical data readouts,” says James Mullen, Biogden Idec’s chief executive officer.