Biogen Idec profit rises as new multiple sclerosis drug shines

Wed Jan 29, 2014 6:50am EST

Jan 29 (Reuters) - Biogen Idec Inc on Wednesday said fourth-quarter profit soared 57 percent, helped by strong sales of its new multiple sclerosis drug, Tecfidera.

The U.S. biotechnology company's net profit rose to $457.3 million, or $1.92 per share, in the quarter ended Dec. 31, from $292.1 million, or $1.23 per share, a year earlier.

Excluding special items, Biogen earned $2.34 per share. Analysts on average expected $2.28 per share, according to Thomson Reuters I/B/E/S.

The high-profile multiple sclerosis drug had sales of $398 million for the period. Total sales rose 39 percent to $1.97 billion, beating the analysts' average estimate of $1.93 billion.

Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.