Date: Jan 28, 2013 Author: Julie M. Donnelly Source: bizjournals (
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Biogen Idec (Nasdaq:BIIB) reported that its revenues rose 9 percent year over year to $5.5 billion in 2012, on the strength of its multiple sclerosis drugs. The company saw its shares rise more than 3 percent Monday, after the earnings results were released.
Sales of multiple sclerosis drug Tysabri grew to $1.13 billion for 2012, up from $1.08 billion in the previous year. Sales of Biogen's biggest-selling MS drug, Avonex, grew to $2.91 billion in 2012, up from $2.69 billion in 2011.
Profits for the Weston, Mass-based biotechnology company dipped slightly to $292.1 million from $300.2 million in 2011. However, investors remain excited about the company's potential to launch two new drugs this year -- one for hemophilia and one for multiple sclerosis.
Biogen sent its potential therapy for hemophilia, called rFIXFc, to the U.S. Food and Drug Administration on January 4th. The company is awaiting a decision on its oral therapy for multiple sclerosis, BG-12, before the end of March.
Biogen's shares were trading at $150.10, up from $146.20 at the previous close.
