Biogen Idec CEO talks drugs in pipeline, keys to growth

Biotech stocks took a battering across the board on Friday after news that U.S. lawmakers were questioning the high price tag of a new hepatitis C drug from Gilead Sciences.

Biogen Idec was one of the hardest hit in the sector, falling around 8 percent on a day when the maker of multiple sclerosis treatments joined the S&P 100 Index, replacing American Electronic Power.

Despite the drop, the company is confident that its pipeline will continue to support future growth.

"We hope to have three more drugs approved this year ... we have a good existing base, and an interesting set of potential new drugs going forward," said Biogen Idec CEO George Scangos, on CNBC's "Fast Money" on Friday.

—By CNBC's Michael Newberg

Contact Fast Money

  • Showtimes

    Halftime Report - Weekdays 12p ET
    Fast Money - Weekdays 5p ET

Halftime Report

  • Bill Nygren, Oakmark Fund, explains why Apache, Bank of America and Google will be winners in 2015.

  • Nick Tiller, Sustainable America founder and chairman, tells CNBC's Kate Kelly oil prices are poised for a tradable rally. Tiller likes the Brent ETF and energy sector.

  • Discussing interesting trends contributing to the market's rally into year's end, with the FMHR trader Josh Brown and Dan Greenhaus, BTIG.