Biogen Idec announces full year results

Biogen Idec has published its financial results for the 2007 fiscal year, with the company announcing an 18 per cent increase in revenues to $3.17 billion (1.63 billion pounds).

It attributed this rise to the ongoing growth in sales of Tysabri (natalizumab), Rituxan (rituximab) and Avonex (interferon beta-1a).

Reported net income on a GAAP basis rose by 193 per cent over the figures for 2006, reaching $638 million.

Following the publication of these results, Biogen Idec restated its financial guidance for the year ahead, forecasting total revenue growth of around 15-20 per cent with continued market penetration of Tysabri with an increasing operating margin leverage.

James Mullen, chief executive officer of the company, said: “We’re extremely proud of our accomplishments in 2007.

“We delivered on our four-year growth targets and we advanced and expanded our pipeline.”

He added that the firm is confident that 2008 will see continued strength in its financial performance while Biogen Idec also experiences a number of significant clinical readouts.

Last month, the share price of Biogen Idec rose following the re-approval of Tysabri for patients with severe to moderate Crohn’s disease after its earlier withdrawal from the market.