Biogen Idec, the US partner of biotech group Elan, today reported better-than-expected earnings today, helped by higher sales of its multiple sclerosis drug Avonex. But sales of its Tysabri drug were lower than expected.
Net income fell to $254 million from $278 million a year ago as the company invested in an experimental drug to treat Lou Gehrig's disease.
On a per-share basis, net income rose to $1.05 from 95 cents as the company bought back shares.
Earnings excluding one-time items were $1.35 a share. Analysts on average expected earnings of $1.22 a share according to Thomson Reuters I/B/E/S.
Revenue rose to $1.2 billion from $1.12 billion a year ago. Analysts had expected revenue of $1.16 billion.
Sales of Avonex rose to $644 million from $580 million. Analysts had expected Avonex sales of $620 million.
Global sales of Tysabri, which Biogen markets with Elan rose 9 per cent to $307 million. On average, analysts had on average expected Tysabri sales of $327 million.
The company said that as of the end of September, about 55,100 patients were on Tysabri therapy worldwide.
Reuters