Biogen Tops Estimates On MS Drug Sales, Boosts 2013 Outlook

Global biotechnology firm Biogen Idec, Inc. (BIIB: Quote) reported Monday a profit for the third quarter that increased 22 percent from last year, reflecting strong double-digit revenue growth amid improved sales of its multiple sclerosis drugs.

Both adjusted earnings per share and quarterly revenues topped analysts' expectations. The company also raised adjusted earnings and revenues growth guidance for the full-year 2013.

MS treatment Tysabri had been manufactured and distributed jointly by Biogen Idec and Elan Corp. plc (ELN), but now Biogen has acquired full rights for the therapy from Elan in the second quarter and recorded 100 percent of the revenues this quarter.

Meanwhile, Biogen's Tecfidera is now the leading oral multiple sclerosis therapy in the U.S. after only six months on the market, according to IMS. It is currently approved in the U.S., Canada and Australia.

The Weston, Massachusetts-based company reported net income of $467.62 million or $2.05 per share for the third quarter, higher than $398.40 million or $1.67 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $561.1 million or $2.35 per share, compared to $454.7 million or $1.91 per share in the year-ago quarter.

On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $2.10 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew 32 percent to $1.83 billion from $1.39 billion in the same quarter last year, and topped twenty-one Wall Street analysts' consensus estimate of $1.78 billion.

Product revenues for the third quarter increased to $1.45 billion from $1.04 billion, and revenue from unconsolidated joint ventures for for cancer drug Rituxan grew 5 percent to $303 million from last year's $288 million. Royalties improved to $54 million from $47 million from a year ago.

Multiple sclerosis drug Avonex sales edged up to $733.45 million from last year. Another multiple sclerosis drug Tysabri sales surged 46 percent to $401.0 million from a year ago. Tecfidera sales totaled $286.37 million during the quarter.

Continued here:
Biogen Tops Estimates On MS Drug Sales, Boosts 2013 Outlook