Biogen Idec first quarter 2010 results disappoint, despite 32% rise in Tysabri sales

US biotechnology firm Biogen Idec posted first-quarter 2010 results which failed to meet consensus forecasts, as sales of its multiple sclerosis drug Tysabri (natalizumab) were less than expected.

First quarter revenues were $1.1 billion, an increase of 7% over the first quarter of 2009, just a fraction below consensus estimate of $1.12 billion. GAAP diluted earnings per share were $0.80, a decrease of 5% over the first quarter of 2009. GAAP net income attributable to Biogen Idec for the quarter was $217 million, a decrease of 11%. Non-GAAP diluted EPS was $1.08, up 3%, below the consensus estimate of $1.13 a share, with net income attributable to the firm at $296 million, down 3%.

The company said growth was driven primarily by the continued growth of Tysabri revenues, which increased 32% to $219 million in the quarter, and Avonex (interferon beta-1a) revenues, which increased 7% to $593 million. Rituxan (rituximab) revenues decreased 9% to $255 million. Global in-market net sales of Tysabri in the first quarter of 2010 were $292 million, an increase of 28% over the first quarter of 2009, of which $135 million were in the USA and $157 million were in rest of world markets.