Biogen Idec beats forecast with third-quarter earnings

Biogen Idec has posted an 11 percent increase in third-quarter revenues, with sales of key medicines such as Tysabri on the rise.

The Massachusetts-based company's revenues for the quarter totalled $1.3 billion (813.7 million pounds) and its net income rose nearly 39 percent to $352 million.

Analysts polled by Thomson Reuters had predicted revenues of $1.27 billion.

According to the firm's latest trading update, global sales of its multiple sclerosis drug Tysabri increased by 28 percent to reach $393 million.

The company said approximately 63,500 patients were using Tysabri worldwide at the end of September.

George Scangos, chief executive of Biogen Idec, hailed a "quarter of tremendous accomplishments" for the organisation.

He said: "We continued to deliver strong product and financial performance, driven by the growth of Tysabri."

Mr Scangos also said the firm is improving the quality of its pipeline by "concentrating on cutting-edge science with the greatest potential to help patients".