Biogen Profit Up on MS Drugs, Beats Estimates
Biogen Idec said on Wednesday its fourth-quarter profit rose, driven by increased sales of its multiple sclerosis drugs Avonex and Tysabri.
The Cambridge, Mass.-based biotechnology company, which recently tried and failed to sell itself, said net income rose to $201 million, or 67 cents a share, from $109 million, or 32 cents a share, a year ago.
Excluding one-time items, Biogen earned 89 cents a share. Analysts had on average expected 79 cents a share, according to Reuters Estimates.
Revenue rose to $893 million from $708 million a year ago.