Biogen Idec revenue up 32 percent in third quarter
10/28/2013 5:15 PM
10/28/2013 5:17 PM
Drugmaker Biogen Idec reported that sales of its new multiple sclerosis drug Tecfidera helped fuel a 32 percent jump in revenue in the third quarter.
Sales of Tecfidera, which won marketing approval from the Food and Drug Administration in March, totaled $286.4 million in the quarter — far exceeding the average $217.2 million estimate of analysts, according to Bloomberg News.
“Tecfidera crushed it,” ISI Group analyst Mark Schoenbaum wrote in a research note.
Biogen employs about 1,200 people in the Triangle.
The company expects to manufacture Tecfidera in space that it leases in Research Triangle Park from Eisai, a Japanese drug company, within about two years, according to Biogen spokesman Steven Goldsmith. The company is gearing up its manufacturing line there and then must obtain FDA approval to produce the drug.
Biogen sells two other drugs for MS, but both require injections. Tecfidera is a pill.
Biogen’s revenue totaled $1.83 billion in the quarter. Net income totaled $487.6 million, up 22 percent. Net income per share was $2.05, up from $1.67.
Biogen shares closed Monday at $254.34, up $2.17. The stock is up 74 percent this year.
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