Biogen Idec 2009 results beat forecasts, boosted by Tysabri sales growth

US biotechnology firm Biogen Idec reported total revenues for full-year 2009 of $4.4 billion, an increase of 7% on 2008. On a reported basis, full-year 2009 diluted GAAP earnings per share (EPS) were $3.35, an increase of 26%. Biogen's shares were up 2% at $53.90 in late morning trading yesterday.

GAAP net income attributable to Biogen for 2009 was $1.0 billion, an increase of 24% over 2008. Non-GAAP diluted EPS for the year were $4.12, up13%, with non-GAAP net income attributable to the firm at $1.2 billion, a rise of 11% over 2008.

The revenues increase was driven primarily by the continued growth of the multiple sclerosis/Crohn's disease drug Tysabri (natalizumab), which leapt 32% to $776 million, and Avonex (interferon beta-1a), which increased 5% to $2.3 billion. Rituxan (rituximab) revenues from the firm's unconsolidated joint business arrangement decreased 3% to $1.1 billion for the year due to the expiration of royalties on sales outside the USA.