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Print Edition StoriesThursday, July 16, 2009
Biogen profit falters amid MS drug deal, higher R&D costs
By Julie M. Donnelly
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Biogen Idec’s profit for the second quarter was down significantly from the same period last year, due in part to the acquisition of a new experimental treatment for multiple sclerosis, part of a 60-percent increase in the company’s year-on-year research and development costs.
The Cambridge-based biopharmaceutical company reported net income of $144.9 million for the three months ending June 30, 2009, down from $208.1 million for the second quarter last year.
Revenue for the company was up for the second quarter, to $1.1 billion from $993 million during the second quarter of 2008. The increase was led by sales of the company’s two marketed treatments for Multiple Sclerosis — Avonex, which booked revenues of $591.2 million, up from $527.2 million, and Tysabri, with sales of $187.6 million, up from $147.2 million. The increase in sales of Tysabri beat investors’ expectations.
Biogen paid $110 million to Accorda Therapeutics Inc. to licence the drug candidate Fampridine-SR.
Biogen’s (Nasdaq: BIIB) stock rose slightly on the news, during mid-day trading on Thursday, to $47.06 from $46.67 at the previous close.
The company also announced today the retirement of company co-founder and former Nobel Laureate Phillip Sharp from the board of directors.
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