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Home Industry News Biogen Idec reports revenue and earnings growth

Biogen Idec reports revenue and earnings growth

24th July 2008

Biogen Idec has published its financial results for the second quarter of the year, with the firm reporting a 28 per cent increase in revenues from the same period in 2007 to $773 million (387 million pounds).

This revenue growth was driven primarily by sales of Avonex (interferon beta-1a), with sales of this compound up by 14 per cent to $257 million, while sales of Tysabri (natalizumab) rose 210 per cent to $147 million.

Sales of Rituxan (rituximab) from the company’s unconsolidated joint business arrangement rose 21 per cent to $279 million.

GAAP net income for the quarter rose 11 per cent on the same period last year to $207 million, with diluted earnings per share rising 30 per cent to $0.70.

James Mullen, chief executive officer of Biogen Idec, said: “Tysabri sales nearly tripled compared to the same period last year, our core products continue to grow, our pipeline is overflowing and our revenues have grown more than 25 per cent year-over-year for three consecutive quarters.”

He added growth prospects for the company remain strong, with the company increasing its full-year guidance and setting a $4 billion revenue goal for 2008.

Earlier this week, Biogen Idec and Elan celebrated the second anniversary of the international approval of Tysabri as a treatment for relapsing forms of multiple sclerosis.

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