Biogen Idec posts 28% rise in Tysabri sales for 2nd-qtr 2011

USA-based biotechnology company Biogen Idec (Nasdaq: BIIB) announced its second quarter 2011 results, showing a slight, 2%, downturn in profits and flat sales at $1.2 billion compared with the like 2010 period.

Biogen confirmed its previous guidance of full-year 2011 adjusted earnings "above" $5.70 a share on low to middle single digit revenue growth. Current 2011 consensus forecasts expect Biogen to earn $5.86 a share (adjusted) on total revenue of $4.83 billion, or 2% year-on-year growth.

Sales of the firm’s multiple sclerosis drug Tysabri (natalizumab) leapt 28% year-over-year to $281 million while revenues from Avonex (interferon beta-1a), also for MS, increased 5% year-over-year to $659 million. Rituxan (rituximab) revenues from Biogen’s unconsolidated joint business arrangement were $216 million for the quarter, down 29% versus the prior year period. The firm’s share of Rituxan revenues was reduced by around $50 million during the second quarter of 2011 as a result of an accrual relating to an intermediate decision in Roche subsidiary Genentech’s ongoing arbitration with Hoechst GmbH, an entity that was first absorbed into Aventis and now part of Sanofi.