Biogen Idec ‘sees strong double-digit growth’

Global biotechnology firm Biogen Idec has published its financial results for the third quarter of 2006, showing a double-digit increase in revenue.

The manufacturer of oncology, immunology and neurology treatment announced total revenues in the third quarter of $703 million (368.5 million pounds), an increase of 18 per cent on the same quarter last year.

In the third quarter of 2006, Biogen Idec signed collaboration and licensing agreements for Aviptadil with mondoBiotech, CDP323 with UCB and RNAi therapy with Alnylam.

James Mullen, chief executive officer of Biogen Idec, said: “Robust double-digit growth, driven by strong Avonex and Rituxan performance, continues to define our business.”

He added that the reintroduction of Tysabri for the treatment of some sufferers of multiple sclerosis was a “remarkable achievement” and predicted that the return would improve the company’s neurology franchise.

Earlier this month, Biogen Idec announced that research had shown Tysabri maintained remission in patients with Crohn’s Disease who had been treated for longer than two years.

The company hailed the results as a “significant advance” that suggested the drug could be an alternative treatment existing outside the TNF class for Crohn’s disease sufferers.