RBC rates Biogen at outperform

RBC Capital Markets analyst Jason Kantor gave Biogen Idec Inc. an outperform rating, above average risk, after the company's second-quarter results exceeded RBC's revenue and earnings forecasts, thanks to sales of Avonex and Rituxan coupled with low expenses. The analyst sees Tysabri reaching $1 billion in sales by 2009. Biogen's non-GAAP earnings per share of $0.57 beat RBC's estimate of $0.51 and consensus of $0.49 (all exclude option expense). Shares of the Cambridge, Mass.-based pharmaceutical company were down 58 cents, or 1.40%, at $40.97 on volume of 4,549,851 shares versus the three-month running average of 3,282,890 shares. (Nasdaq: BIIB)

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