Earnings Roundup: Biogen's Tecfidera Wins More Share

Biogen (NASDAQ: BIIB) remains a market leader in treating multiple sclerosis, an autoimmune disease that affects more than 1.1 million people in the U.S. and Europe.

The company has launched a host of widely successful MS therapies over the past decade, including blockbuster Avonex and Tysabri. However, competition in the form of oral drugs from Novartis (NYSE: NVS) and Sanofi (NYSE: SNY) have cut into Avonex's market share.

Given that Biogen has responded to that competitive threat with its own oral drug, Tecfidera, let's take a closer look at the company's first-quarter results.

BIIB data by YCharts

A big, global market According to Express Scripts, spending on MS medication is going to grow roughly 12% a year through 2016. That's solid growth given that MS is unfortunately already the second most costly specialty drug category, costing insurers more than $46 per member per year in 2013.

The market share leader in MS treatment is Teva's (NYSE: TEVA) Copaxone, an injectible therapy that loses patent protection next month. Teva has been battling to keep generic biosimilars from Mylan and Momenta at bay.

The Supreme Court recently decided it would hear Teva's case, which may insulate it from the generic threat a bit longer. Assuming the FDA OKs it, Mylan could launch its biosimlar before the court reaches a decision; however, if the Court sides with Teva, Mylan would then be forced to pay damages.

Regardless, Copaxone's patent expiration may open a door for market share growth for competing therapies, including newly launched oral MS drugs from Novartis, Sanofi, and Biogen.

Novartis' Gilenya was the first oral MS therapy to win approval, and its first to market advantage led to sales of more than $1.9 billion in 2013.

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Earnings Roundup: Biogen's Tecfidera Wins More Share