CIBC World Raises Biogen Estimates
Still, analyst Matthew Geller thinks lower expenses, not stronger sales, led the drug firm to raise its earnings guidance
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CIBC World raised its estimates on Biogen (BGEN ).
Analyst Matthew Geller says the company raised its operating earnings guidance to 47 cents to 51 cents for the first quarter, and to $1.72 to $1.85 for 2003. He says Biogen now sees $320 million in first quarter revenues, citing strong sales of Multiple Sclerosis treatment Avonex, and higher-than-expected royalty revenues.