Biogen Idec Inc., the fourth-largest U.S. biotechnology company by market value, reported first-quarter net income rose 41 percent on higher sales of its multiple sclerosis drugs.
Profit increased to $426.7 million, or $1.79 a share, from $302.7 million, or $1.25, a year earlier, the Weston, Massachusetts-based company said today in a statement. Adjusted for one-time items, profit of $1.97 a share beat the $1.63 average of 28 analysts’ estimates compiled by Bloomberg.
Revenue rose 9.5 percent to $1.42 billion, boosted by higher sales of the drugs Avonex and Tysabri, both for multiple sclerosis. Biogen won U.S. approval on March 27 for Tecfidera, its first pill for the central nervous system disease, and analysts expect that drug may contribute an additional $3.4 billion in sales in 2017.
“Tecfidera’s blockbuster potential, a solid base business, and a strong pipeline will allow Biogen Idec to post industry-leading long-term growth,” Eric Schmidt, an analyst with Cowen & Co., wrote in an April 22 research note.
Biogen shares fell 3.1 percent to $206.18 at the close in New York yesterday. They have gained 41 percent this year, rising to a record after Tecfidera gained U.S. approval.