Saturday, June 28, 2014
Biogen Idec said its fourth-quarter profit grew 57%, as sales of its multiple-sclerosis treatment Tecfidera continued to boost revenue.
Tecfidera sales totaled $397.6 million. Sales of the blockbuster multiple-sclerosis drug Avonex edged down 0.2% to $751.5 million. Sales for MS treatment Tysabri rose 45% to $426.6 million.
Biogen recently launched Tecfidera, a pill for multiple sclerosis that analysts expect to steal significant market share from the injectable drugs that now dominate the market. The drug has had brisk early adoption from patients seeking easier-to-take drugs, despite having been approved after two rival oral drugs made by Biogen competitors. Biogen is aiming to become the dominant maker of MS treatments, a group of drugs that command high prices and that patients typically take for years. The company reported a profit of $457.3 million, or $1.92 a share, up from $292.1 million, or $1.23 a share, a year earlier. Excluding amortization and other items, per-share earnings grew to $2.34 from $1.40. Revenue jumped 39% to $1.97 billion.