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WSJ: Biogen Net More Than Doubles on Higher Sales

JULY 20, 2010, 8:02 A.M. ET

By MATT JARZEMSKY

Biogen Idec Inc.'s earnings more than doubled, with its Tysabri drug again showing strong sales gains.

The company raised its current-year earnings estimate by 15 cents to at least $4.70 a share.

The results come as the maker of multiple-sclerosis treatments faces concerns about the sales growth of Tysabri, which is sold with Elan Corp. The U.S. Food and Drug Administration has maintained the drug's benefits outweigh risks of a rare and serious brain infection linked to it.

Biogen's chief executive departed last month and the chief operating officer plans to do the same at the end of the year.

Biogen reported a second-quarter profit of $294.6 million, or $1.12 a share, up from $144.9 million, or 49 cents a share, a year earlier. Excluding restructuring costs and other items, profit soared to $1.31 from 75 cents. Revenue rose 11% to $1.21 billion.

Analysts polled by Thomson Reuters had most recently forecast earnings of $1.12 on $1.13 billion in revenue. Such estimates typically exclude items.

Sales of Tysabri rose 17% as the estimated number of patients world-wide rose 4.8% from the prior quarter. Fellow MS treatment Avonex—the company's biggest seller—posted a 6.3% increase.

Write to Matt Jarzemsky at [e-mail]

http://online.wsj.com/article/SB10001424052748703724104575378764010849770.html?mod=rss_whats_news_us_business