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Tysabri, the multiple sclerosis drug co-owned by Biogen Idec Inc. and Elan Pharmaceuticals, has hit the benchmark of a bonafide blockbuster — $1 billion in annual sales for 2009.
Biogen officials announced the news at the annual JP Morgan Healthcare Conference in San Francisco Tuesday. The news comes just days after the company disclosed that there were four more cases of the rare, serious brain infection known as progressive multifocal leukoencephalopathy (PML), discovered in patients taking Tysabri. This brings the total to 28 cases since July of 2008.
Biogen officials say the number of PML cases is within the safety warning levels on the drug’s label. They added that the number is expected to rise because the risk of developing the infection increases with long-term use of the therapy.
The Cambridge-based biotechnology company, which has built its franchise on multiple sclerosis treatment, said that the number of patients taking Tysabri grew by 30 percent over the prior year. The company estimates that approximately 48,800 patients were on Tysabri therapy worldwide.
Tysabri is approved as a second line treatment, which means that patients either could not tolerate it or had inadequate results from other therapy prior to starting Tysabri. The drug is approved in more than 45 countries.
However, the company said that despite blockbuster sales, the number of new patients taking the drug is slowing and numbers about 200 new patients per week. Some analysts said this is at the low end of expectations.
This may explain why Biogen’s (Nasdaq:BIIB) stock has failed to get a bump. Biogen’s stock was trading at $53.66 in midday trading Tuesday, down slightly from the previous close of $53.90.
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