Biogen Idec hails Tysabri sales growth

Biogen Idec has reported its financial results for the first quarter of the year, with the firm generating revenues of $716 million (359.47 million pounds), an increase of 17 per cent over the same period last year.

The company cites the 14 per cent increase in sales of Avonex (interferon beta-1 a) and 13 per cent increase in sales of Rituxan (rituximab) as drivers for this revenue growth.

During the quarter, the company reported a seven per cent increase in non-GAAP net income to $202 million, with non-GAAP diluted earnings per share also rising seven per cent to $0.59.

Net sales of Tysabri (natalizumab) reached $48 million during the quarter, with the company recognising revenues of $30 million relating to the compound according to its partnership agreement with Elan.

James Mullen, chief executive officer of Biogen Idec, said: “Overall, the first quarter results met our expectations.

“Especially notable are the corporate market share gains in the multiple sclerosis market and the steady growth of Tysabri sales.”

The company’s guidance for the full 2007 fiscal year was restated, including a forecast of non-GAAP diluted earnings per share of between $2.50 and $2.65.

In conjunction with PDL Biopharma, Biogen Idec announced the results of a phase II clinical study of dazclizumab in patients with relapsing multiple sclerosis in March 2007.