Biogen Idec said its third-quarter earnings rose 39 per cent, boosted by higher sales of its multiple sclerosis drugs.

Net income rose to $352 million, or $1.43 a share, from $254 million, or $1.05, a year before. Revenue rose 11 percent to $1.31 billion.

Excluding one-time items, Biogen earned $1.61 a share. Analysts had on average expected earnings of $1.53 a share. They had expected revenue of $1.27 billion.

Global sales of its multiple sclerosis drug Tysabri, which Biogen sells in partnership with Irish drugmaker Elan Corp Plc, rose 28 percent to $393 million. The figure was in line with analyst expectations.

Tysabri is widely considered the most effective multiple sclerosis drug, but its sales have been crimped because it can cause a deadly brain infection known as progressive multifocal leukoencephalopathy, or PML.

Biogen has been developing a test to screen patients for the presence of JC virus, which is believed to cause PML.

Sales of its multiple sclerosis drug Avonex rose 6 per cent to $682 million.

Reuters