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Biogen Profit Up on MS Drugs, Beats Estimates

Reuters
Wednesday, 6 Feb 2008 | 7:41 AM ET

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.

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