Biogen Idec sees double-digit growth in Q2 2013

Biogen Idec has announced its financial results for the second quarter of 2013, during which its three-month revenues surged to $1.7 billion (1.1 billion pounds).

This represented a 21 percent year-on-year increase, while the company's earnings and income performance for the quarter also saw double-digit rises.

A 38 percent improvement in Tysabri revenues – which followed Biogen Idec's recent acquisition of Elan's shared rights to the drug – played a key role in this growth, while demand for Avonex and Rituxan also rose.

Additionally, the company saw a strong start for its new product Tecfidera and made progress on the pipeline developments, while increasing its full-year guidance to account for expected 12-month revenue growth of between 22 and 23 percent.

Dr George Scangos, chief executive officer of Biogen Idec, said: "With three regulatory filings completed, three potential launches in 2014 and data readouts expected in 2015 and 2016, we have entered a new era of growth for the benefit of patients, clinicians and our shareholders."

Earlier this month, the company announced that its new multiple sclerosis drug Plegridy has been approved for US and European regulatory review.