Biogin Idec (BIIB) reported Q4 revenues of $2.641B in-line with consensus, $2.644B. Biogen provided 2015 revenue growth guidance of 14% - 16%. Biogen is up +7.1% AH. Even though revenue guidance is below consensus, the stock is up because the non-GAAP EPS guidance is above consensus. Biogen guided non-GAAP EPS to $16.60 - $17.00 while the consensus is $16.38. This implies a significant expansion in margins led by a 200 bps drop in sg&a as a percent of revenue. So revenue guidance below, but eps above. The stock is 7.1%, so the market appears to overlook the weak revenue guidance in favor of the strong earnings guidance.