Biogen Profit Jumps on MS Treatment Revenue

By Dow Jones Business News, January 29, 2014, 07:08:00 AM EDT

By Ben Fox Rubin

Biogen Idec Inc. ( BIIB ) on Wednesday said its fourth-quarter profit grew 57%, as sales of its multiple-sclerosis treatment Tecfidera continued to boost the biotechnology company's revenue.

For the new year, the company projected adjusted earnings of $11.00 to $11.20 a share and revenue growth of 22% to 25% . Analysts polled by Thomson Reuters expected $11.63 a share in profit and revenue growth of 21%.

Biogen recently launched Tecfidera, a pill for multiple sclerosis that analysts expect to steal significant market share from the injectable drugs that now dominate the market. The drug has had brisk early adoption from patients seeking easier-to-take drugs, despite having been approved after two rival oral drugs made by Biogen competitors.

Biogen is aiming to become the dominant maker of MS treatments, a group of drugs that command high prices and that patients typically take for years.

The company reported a profit of $457.3 million, or $1.92 a share, up from $292.1 million, or $1.23 a share, a year earlier. Excluding amortization and other items, per-share earnings grew to $2.34 from $1.40.

Revenue jumped 39% to $1.97 billion.

Analysts polled by Thomson Reuters predicted earnings of $2.28 a share on revenue of $1.93 billion.

Tecfidera sales totaled $397.6 million. Sales of the blockbuster multiple-sclerosis drug Avonex edged down 0.2% to $ 751.5 million. Sales for MS treatment Tysabri rose 45% to $426.6 million.

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Biogen Profit Jumps on MS Treatment Revenue