Biogen Surges After Beating Estimates With Top Drug Sales
- Tecfidera quarterly sales grow to record of $993 million
- Shares gain as much as 7.7 percent, highest since Oct. 21
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Biogen Inc. shares rose the most in three months on Wednesday after it said that sales of its top drug, a multiple sclerosis treatment, topped analysts’ estimates and helped the company beat fourth-quarter projections amid a lackluster 2015.
Sales of the treatment, Tecfidera, rose 5.9 percent from the previous quarter to the most ever. The drug has been a focus for investors as Biogen’s biggest product and best bet for near-term revenue while the company waits on clinical trials of experimental drugs. Tecfidera’s sales began to slow last year after several quarters of explosive growth, and Cambridge, Massachusetts-based Biogen fired 11 percent of its workers and promised to use advertising to revive revenue.