Biogen Idec announces full-year results

Financial results from 2006 have been revealed by biotechnology group Biogen Idec.

The company confirmed its total revenue for last year reached $2.68 billion (1.37 billion pounds), which represents an increase of 11 per cent from the previous year’s takings of $2.42 billion.

Biogen Idec stated that the significant growth rate can be attributed primarily to sales of its products Rituxan and Avonex after the former treatment was introduced for rheumatoid arthritis.

A spokesman for the Massachusetts-based biotech group also claimed that the success was driven by its launch in Europe and America of Tysabri, a therapeutic treatment for people with multiple sclerosis (MS).

“In 2006, we built a strong foundation for future growth by executing against three key value drivers for the company,” commented James Mullen, chief executive at the firm.

He added that last year’s strong showing was also partly a consequence of its strategy of strengthening partnerships, expansion through acquisitions and its work on internal developments.

Avonex is also a treatment for patients with certain forms of MS while Rituxan is primarily a treatment for specific forms of non-Hodgkin’s lymphomas.

Biogen Idec recently announced it is starting a trial to test Rituxan against other treatments on patients whose condition has relapsed or not responded to initial therapy.