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Biogen Idec Inc., the Cambridge-based biopharmaceutical company best known for its multiple sclerosis therapies, said its net income rose to $279.6 million as revenue topped $1.1 billion in the third quarter.
Those figures were up on a year-over-year basis, as net income totaled $207.8 million and revenue was $1.09 billion in 2008’s corresponding period.
Sales of Avonex, one of Biogen’s MS therapies, were roughly flat at $580 million, as a dip in international sales was offset by an uptick in U.S. demand. However, company officials said the lifetime-value of the drug is now higher than expected, after Biogen was issued a new patent that will cover the drug for MS treatment until 2026.
Sales of Biogen’s other MS treatment, Tysabri, were $207 million for the third quarter, up from $171.2 million during the corresponding period last year. Biogen said around 46,200 patients take Tysabri, and that 60,700 patients have taken the drug since it was first approved.
The positive financial news was a welcome respite for Biogen, which suffered a setback over the weekend when federal regulators denied a request by the company and its partner Genentech to use Rituxan, a rheumatoid arthritis treatment, in treating patients who have not tried or responded well to another early stage therapy. Rituxan is currently approved for later-stage patients.
Biogen is in the midst of a hostile takeover bid for Facet Biotech Corp. (Nasdaq: FACT) and extended its offer to buy all of the company’s outstanding shares for $14.50 apiece. The tender offer, set to expire December 16 at midnight, previously carried a deadline of October 19.
Biogen’s (Nasdaq:BIIB) stock was trading at $48.36 in mid-morning trading Tuesday, down from $49.39 a share at the previous day’s close.
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