Shares of Weston Biotech Firm Climb on Strong Revenue Reports

Weston-based Biogen Idec saw its shares climb 7 percent yesterday after reporting strong fourth quarter revenue growth, the Boston Herald reported.

According to the Herald, Biogen Idec's fourth quarter revenue grew by 7 percent over the same period last year, bringing the quarter's total revenue to more than $1.4 billion.

The firm's earnings per share in the fourth quarter of 2012 came in at $1.23, an increase over the same period in 2011, the Boston Herald reports.

The positive fourth quarter numbers were, in fact, negatively impacted by an accumulating tax error related to an overseas facility. The error has been corrected, but fourth quarter shares were negatively impacted by about $.12 per share, according to reports.

Biogen Idec is the oldest independently operated biotech firm in the world, according to its website. It focuses on providing "innovative therapies for the treatment of neurodegenerative diseases, hemophilia and autoimmune disorders" and is known for its multiple sclerosis therapies, Avonex and Tysabri.

Earlier in January, Biogen Idec tabled a drug in development for the treatment of ALS, or Lou Gehrig's disease, after dexpramipexole proved ineffective in clinical trials, according to BusinessWeek.