Biogen Idec’s second-quarter financials have again revealed a strong rise in profits and sales of the multiple sclerosis treatment Tysabri.
Net income came in at $293.4 million, a rise of 105%, though the year-earlier period included a $110 million payment to Acorda Therapeutics for the overseas rights to the MS drug fampridine-SR. Revenues were up 11% to $1.21 billion.
Sales were again driven by Tysabri (natalizumab), partnered with Ireland’s Elan Corp, which brought in $219 million, up 17%. Biogen noted that by the end of the quarter, around 52,700 people were on commercial and clinical Tysabri therapy worldwide.
As for the company’s older MS drug Avonex (interferon beta-1a), sales climbed 6% to $628 million. The rheumatoid arthritis and cancer drug Rituxan (rituximab) also did well, and Biogen, which shares revenues with Roche, banked $306 million, up 11%.
The biotechnology major’s new chief executive, George Scangos, described the quarter as a solid one, adding that Biogen now needs to “aggressively execute our marketing plans for Avonex, complete the patient and risk stratification strategy for Tysabri, move the late-stage pipeline forward rapidly, and rationalise the R&D portfolio”. He also claimed that “we have the potential to launch five new products in the next three years”.
In terms of full-year forecasts, revenue growth guidance remains in the mid-to-high single digit range, while earnings per share should come in above $4.70 on an adjusted basis, up from a previous estimate of $4.55.
