Biogen's third-quarter income falls 24% as Avonex fails to match expectations
The weaker-than-expected performance of the multiple sclerosis product Avonex (interferon beta-1a) led third quarter income at US biotechnology firm Biogen Idec to fall to $119.4 million, down 24% on the comparable period last year. Analysts at Cowen & Co commented that sales of the drug, which grew 2.2% to $454.9 million, were at the lower end of Wall Street's expectations.
Biogen's chief executive, Jim Mullen, said that, while August had seen a decline in Avonex sales in both the USA and other key markets around the world, revenues from the drug had rebounded the following month. He added that, excluding others factors, such as payments to development partner Cardiokine and costs related to its acquisition of Conforma, Fumapharm and Syntonix (Marketletters passim), its third-quarter income would have reached $170.4 million, or $0.58 per share. This, however, was still $0.07 short of the consensus estimate of analysts surveyed by Thomson Financial.
Sales climb 12%, short of predictions
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