Biogen Idec achieves double-digit growth in Q1 2013

Biogen Idec has announced total revenues of $1.4 billion (903.39 million pounds) for the first quarter of 2013, representing a year-on-year improvement of ten percent.

The company's earnings per share and net income results for the period increased by 41 percent and 39 percent respectively, with the improved performance attributable to strong sales of drugs such as Avonex and Tysabri.

During the quarter, Biogen Idec agreed a deal with partner Elan that will give it full strategic, commercial and decision-making rights over Tysabri for the first time, allowing the company to strengthen its leadership position in the field of multiple sclerosis (MS) therapies.

It was also able to successfully launch the new MS drug Tecfidera in the US, with an EU approval pending.

The firm now expects to achieve revenue growth of between 16 and 18 percent across the entire year.

Dr George Scangos, chief executive officer at Biogen Idec, said: "Our entire organisation is aligned behind our focused mission and executing well in every aspect of the business – from launching new products to advancing our deep early-stage pipeline."