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Home Industry News Biogen Idec reports 2007 second-quarter results

Biogen Idec reports 2007 second-quarter results

25th July 2007

Biogen Idec has reported its results for the second quarter of the 2007 financial year, recording a 17 per cent increase in revenues over the same quarter last year to $773 million (375.8 million pounds).

Primary drivers for this growth were an eight per cent increase in sales of Avonex (interferon beta-1a), a 12 per cent increase in revenues from the unconsolidated joint business arrangement for Rituxan (rituximab) and $48 million of revenue derived from the $72 million of global sales of Tysabri (natalizumab).

Net income on a reported GAAP basis for the second quarter were $186 million, compared to a $171 million loss in the comparable quarter in 2006, resulting in diluted earnings per share of $0.54, up from a loss of $0.50 in the second quarter last year.

James Mullen, chief executive officer of Biogen Idec, said: “We are quite pleased with our second quarter performance.

“Fuelled by the strong uptake of Tysabri, we hit a new corporate milestone as our MS [multiple sclerosis] franchise exceeded $500 million in quarterly revenue for the first time in Biogen Idec’s history.”

He added that, during the quarter, the company also completed its $3 billion share repurchase programme while seeing continued progress in its research and development pipeline, citing the forecast addition of Lixivaptan, currently in the latter stages of clinical development.

Earlier this week, Biogen Idec – together with Elan – announced the first anniversary of the launch of Tysabri as a treatment for relapsing forms of MS in the European Union.

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