Biogen Idec Posts Positive Q2 2014 Results
Biogen Idec yesterday announced positive second-quarter financial results for 2014.
The results were boosted by sales of their oral multiple sclerosis drug, Tecfidera, which increased net profits by 46%, comfortably passing analyst forecasts.
Earnings for Biogen reached $714.5 million, while revenues jumped 40% to reach $2.06 billion.
The company’s biggest earners were their multiple sclerosis drugs: Avonex, which contributed $773.7 million; and Tysabri, which brought in $533.4 million, an increase of 38%.
Other Biogen Idec products also faired well, with their chronic lymphocytic leukaemia treatment, Gazyva, which is partnered with Roche, bringing in $303 million.
Sales of Fampyra also increased by 33% to $22.3 million, while Fumaderm grew slightly, to just under $16 million.
Tecfidera brought in $700.4 million, an increase from $192 million in 2013, of which $585 million was from the USA.
As a result of Tecfidera strong performance, Biofen’s revenues are now predicted to grow by 38%-41% for the full year of 2014, an increase from previous guidance of 26%-28%.