BIOGEN IDEC yesterday scaled back growth projections for Tysabri, the multiple sclerosis drug it has developed alongside Irish biotech firm Elan, and said another patient has developed the potentially deadly brain infection known as PML.

Biogen reported higher fourth-quarter earnings but sales of Tsyabri fell short of expectations. The company’s shares fell more than 3.5 per cent.

Biogen chief executive Jim Mullen told analysts on the company’s fourth-quarter earnings call that it will be “difficult” to achieve the company’s previous forecast that 100,000 patients will be taking Tysabri by the end of 2010.

In addition, the company reported a new case of progressive multifocal leukoecephalopathy, or PML, a potentially deadly brain infection that has curbed the drug’s sales.

Tysabri, which the company markets with Elan, was temporarily withdrawn from the market in 2005 after it was linked with PML but reintroduced in July 2006 with stricter safety warnings. The newest case is the fifth since it was reintroduced and was contracted by a patient in Europe.

Biogen, based in Cambridge, Massachusetts, reported fourth-quarter earnings that were in line with expectations. Net earnings rose 3 per cent to $207 million, or 70 cents a share, from $201.2 million, or 67 cents a share, a year earlier.

Revenue rose to $1.07 billion from $893.3 million.

Sales of Tysabri, however, were $218 million, far short of the consensus estimate of $250 million.

“Tysabri sales numbers are going from bad to worse, said Corey Davis, an analyst at Natixis Bleichroeder, in a research note. “We anticipate that the sales forecasts will now have to dip below $1 billion for 2009.” The dismal Tysabri sales, which Biogen chief financial officer Paul Clancy said were affected in part by unfavourable currency fluctuations, offset any optimism investors may have had that the company might be acquired. – (Bloomberg)