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Biogen Idec CEO talks drugs in pipeline, keys to growth

Biogen Idec CEO: Industry about innovation

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