Biogen Q2 Profits Up On Strong Sales
CAMBRIDGE, Mass. (Reuters) - Biogen Inc. (Nasdaq:BGEN - news), said Thursday that sharply higher sales of its leading multiple sclerosis drug boosted second-quarter profits nearly 40 percent, beating Wall Street expectations.
The Cambridge, Mass.-based biotechnology firm said net income rose to $53.63 million, or 34 cents per diluted share, before a noncash charge related to write-downs from collaborations with smaller biotechnology firms. Those figures compared with net income of $31.45 million, or 20 cents per diluted share a year earlier, and came in 2 cents per share ahead of Wall Streets expectations.
Excluding the charges, profits rose to $43.39 million, or 28 cents per diluted share. Quarterly revenues rose to $188.93 million from $128.81 million, fueled mostly by a 67-percent jump in sales of its multiple sclerosis drug Avonex, the only drug it sells without partners.
''If you look at our results, we're seeing (Avonex) sales growth in the 50 to 60 percent (range) domestically now for about six quarters,'' said Jim Vincent, Biogen's chairman and chief executive officer. ''We're just continuing to see the market grow.''
Global sales of Avonex, which was launched in 1996, rose to $145.85 million in the second quarter, up from $87.07 million a year ago. Remaining revenues came from licensing agreements with other drug firms.
The quarterly results were released after the market closed Thursday. Biogen's stock closed up $1.75 to $66.69 on volume of 1.4 million shares on the Nasdaq. |
