Biogen (NASDAQ:BIIB) reported fourth quarter results today, and is up quite a bit despite net income declining on a year on year basis. Let's take a closer look.
Biogen is up 2.4% right now to $280, which is in the middle of the company's 52 week trading range of roughly $220 to $340.
Biogen reported revenues of $2.87 billion, up one percent year over year. For a biotech company like Biogen that has experienced a lot of growth over the last years that doesn't sound too great, but expectations were not very high (still, Biogen missed revenue estimates by 3%). The company's full year revenues increased by 6%, and by an even better 9% when we exclude the impact of currency swings (the dollar strengthening over the last months is a negative impact for International sales results).
