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Biogen Idec is reporting that the company’s profits were up 24 percent for 2009, driven by revenue from its multiple sclerosis therapy, Tysabri.
The company’s net income for the fourth quarter was $305.6 million, up from $206.7 million for the corresponding period in 2008. Profits for the year were $977.1 million, up from $790.1 million in 2008.
Cambridge-based Biogen reported total revenue in the fourth quarter of 2009 was $1.13 billion, up slightly from $1.07 billion for the year-ago period. Revenue for the year was $4.4 billion, a 7 percent increase over $4.1 billion in 2008.
Biogen reported that revenue for Tysabri was up 32 percent in 2009 to $776 million, up from $588.6 million for 2008.
Total sales of Tysabri, which is co-owned by Irish drug maker Elan Pharmaceuticals, reached $1.1 billion in 2009, establishing the MS treatment as a bona fide blockbuster drug.
The number of cases of a rare neurological infection associated with the drug has risen to 31 cases. The company says the incidence of the infection, known as PML, is in line with warnings on the drug’s label. The U.S. Food and Drug Administration says that the benefits of the drug continue to outweigh the risks.
Biogen named two MS experts, John and Nancy Richert, to its research and development team today as well.
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