Biogen Surges After Sales of Drug for Deadly Muscle Disease Beat Estimates
- New drug for deadly muscle disease had $47 million in sales
- Shares rise as hopes for potential blockbuster sustained
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Biogen Inc. surged the most this year as its new therapy for a rare and deadly muscle disease started strong in its first full quarter, bolstering chances the drug will become a blockbuster.
Biogen’s Spinraza, a treatment for spinal muscular atrophy, had $47 million in sales, the company said Tuesday in a statement, more than three times the $15.1 million average estimate of analysts. Spinraza will surpass the blockbuster threshold of $1 billion in annual sales in two years, analysts predict.