MS drugs push Biogen Idec 3rd-qtr 2011 net income 38% higher

US biotech company Biogen Idec (Nasdaq: BIIB) posted third-quarter 2011 financial results, showing that net income rose 38% to $351.8 million, or $1.43 a share, boosted by higher sales of its multiple sclerosis drugs. Adjusted net income for the quarter grew20%  to $394.5 million or $1.61 per share beating the  average of 22 analysts polled by Thomson Reuters who expected to report earnings of $1.53 per share for the quarter. Total revenue increased 11% t to $1.31 billion, up on analysts' consensus forecasts of $1.27 billion.

MS drug Tysabri (natalizumab), partnered with Ireland’s Elan Corp, drove growth, brought in sales of $277.3 million, up 26%. Earlier this month, the US Food and Drug Administration extended its review by three months of the supplemental Biologics License Application (sBLA) for the drug's label to include anti-JC virus antibody status as a factor to help stratify the risk of developing progressive multifocal leukoencephalopathy, the rare but potentially fatal brain disease linked to Tysabri.

Sales of the company’s older MS drug Avonex (interferon beta-1a) climbed 6% to $681.7 million. The rheumatoid arthritis and cancer drug Rituxan (rituximab), partnered with Roche, generated $266 million turnover, up 3%.