Drugmaker Biogen said today its first-quarter profit rose 24 per cent on its fastest-growing product, the multiple sclerosis drug Tysabri.
Irish biotechnology company Elan is Biogen's partner in marketing of Tysabri, which it developed. Biogen is the world's largest manufacturer of multiple sclerosis drugs.
Biogen said net income rose to $163.1 million, or 54 cents a share, from $131.5 million, or 38 cents, a year earlier.
Revenues grew by 31.6 per cent to $942.2 million on the back of strong Tysabri sales. Looking forward the company said it expects revenues to grow 20 per cent this year driven by Tysabri.
Earnings per share in 2008 will be $2.28 to $2.48, and earnings excluding some items will be $3.25 to $3.45, the company said.
Agencies