Biogen Idec said yesterday that first-quarter earnings fell 11 per cent, hurt by one-time charges and lower than expected sales of its multiple sclerosis drug, Tysabri, developed in partnership with Elan.

Global sales of Tysabri, the company’s most important growth driver, rose 28 per cent to $292 million. Analysts had expected sales of about $306 million.

Biogen executives told analysts on a conference call that Tysabri sales growth may have been hurt by a recent update to the drug’s label to reflect an increased risk of the condition PML with longer-term use. But the company said growth picked up again in March, with 190 new patients starting on Tysabri per week, compared with 125 per week in January and February.

Net earnings in the quarter fell to $217 million, from $244 million, or 84 cents a share, a year earlier. Revenue rose 7 per cent to $1.1 billion. – (Reuters)