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Biogen posts higher profit as new MS drug again tops forecasts
April 23, 2014 / 11:21 AM / 4 years ago

Biogen posts higher profit as new MS drug again tops forecasts

April 23 (Reuters) - Biogen Idec Inc on Wednesday reported a higher first-quarter profit as sales of its new Tecfidera multiple sclerosis drug extended its run of eclipsing Wall Street sales forecasts.

The oral medicine racked up sales of $506 million for the quarter, easily toping analysts’ expectations of about $440 million and the previous quarter’s sales of $398 million.

The U.S. biotechnology company reported net income of $479.9 million, or $2.02 per share, compared with $426.7 million, or $1.79 per share, a year earlier.

Excluding special items, Biogen said it had earned $2.47 per share. (Reporting by Bill Berkrot; Editing by Lisa Von Ahn)

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