Monday, October 28, 2013

Biogen’s new MS drug tops expectations, earnings rise [ C0m13x ]

(Reuters) – Biogen Idec on Monday reported $ 286 million in third-quarter sales of its high-profile new multiple sclerosis drug Tecfidera, providing fresh evidence that the medicine is off to an impressive launch and exceeding expectations.

In just its second quarter on the market, Tecfidera sales easily topped Wall Street analysts’ forecasts of about $ 205 million.

The U.S. biotechnology company said net profit for the quarter rose to $ 488 million, or $ 2.05 per share, from $ 398 million, or $ 1.67 per share, a year before.

(Reporting by Bill Berkrot; Editing by Gerald E. McCormick)