MS drug sales lift Biogen 3Q net income climbs
NEW YORK (AP) — NEWS: Biogen Idec said Monday that its net income rose 22 percent in the third quarter on strong sales of its new multiple sclerosis drug Tecfidera.
DETAILS: The Weston, Mass., company reported $286 million in total sales of Tecfidera, which was approved in April. Biogen said Tecfidera is now the leading oral MS drug in the U.S. It reported a 46 percent rise in revenue from an older MS drug, Tysabri, after acquiring full control of the drug. Biogen raised its income and sales guidance for the year.
NUMBERS: Biogen Idec Inc. said its net income rose to $487.6 million, or $2.05 per share. Excluding special items the company earned $2.35 per share. Revenue jumped 32 percent to $1.83 billion.
Analysts expected earnings of $2.11 per share and $1.78 billion in revenue, according to FactSet.
OUTLOOK: Biogen is now forecasting earnings of $8.65 to $8.85 per share for the year. It said revenue will grow 23 to 25 percent, to $6.79 billion to $6.9 billion.
Analysts expect net income of $8.62 per share and $6.83 billion in revenue on average.
STOCK: Biogen Idec shares are trading at all-time highs, and they rose $7.14, or 2.8 percent, to $259.40 in morning trading after rising as high as $2.62 earlier.