Saturday, June 28, 2014

Biogen beats revenue estimates as Tecfidera hits blockbuster status

Biogen Idec, was up slightly in premarket trading today after reporting revenues that beat estimates but earnings that missed them.

    George Scangos
The Cambridge drug company said it took in $2.1 billion in the first three months of 2014, a 51 percent hike from the same period last year and better than the $2 billion consensus of analyst estimates.

As expected, Biogen’s (Nasdaq: BIIB) multiple sclerosis pill, Tecfidera, attained blockbuster status in its first 12 months on the market since its launch in late March 2013. The drug brought in $506 million in the first quarter of 2014, bringing its total revenues since launch to nearly $1.4 billion. While it’s unclear whether Tecfidera is in fact the first drug to exceed $1 billion in sales in its first year, it’s widely expected to soon be beaten by Gilead’s hepatitis C drug, Solvadi, which was launched last December.

Story Source: The above story is based on materials provided by BIOFLASH
Note: Materials may be edited for content and length