Biogen Idec 1st-qtr sales up 7% but fail to match expectations

US biotech company Biogen Idec (Nasdaq: BIIB) post first-quarter 2012 sales of $1.29 billion, a rise of 7%, but slightly below analysts’ consensus estimates of $1.31 billion. Profit rose 2.8% to $302.7 million, or $1.25 a share, versus $1.20 a share, a year earlier. Excluding items such as asset amortization and restructuring costs, earnings per share fell to $1.40 a share from $1.43. Analysts polled by Thomson Reuters had most recently forecast EPS of $1.48 a share.

Sales of its multiple sclerosis drug Tysabri (natalizumab), co-marketed with Elan, increased 14% year-over-year to $286 million. Avonex (interferon beta-1a) revenues increased 3% to $662 million, while worldwide unit demand for Avonex decreased 4%, primarily due to unfavorable distribution channel dynamics. Rituxan (rituximab) revenues from Biogen’s unconsolidated joint business arrangement were $285 million for the quarter, an increase of 11% year-over-year.

Global in-market sales of Tysabri in the first quarter of 2012 were $399 million, an increase of 14% over the first quarter of 2011. The total was comprised of $201 million in US sales and $198 million in sales outside the USA.