Biogen Idec today said that its second-quarter profit rose 11% on strong sales of its multiple sclerosis and cancer drugs.
The Massachusetts-based biotechnology company posted a net profit of $206.6m, or 70 cents a share, compared with a profit of $186.1m, or 54 cents a share, a year ago.
Revenue for the quarter jumped 28% to $993m, topping Wall Street estimates of $962.6m and Biogen raised its full-year revenue forecast to $4 billion.
Global sales of the closely-watched multiple sclerosis drug Tysabri, which Biogen co-markets with Ireland's Elan, nearly tripled to $200m, topping most Wall Street expectations. Biogen recognised revenue of $147m from Tysabri sales.
Tysabri this month celebrates the second anniversary of its relaunch after it was pulled from the market for a time over concern of cases of a potentially fatal brain infection. There have been no confirmed cases of the infection since relaunch.
Sales of Biogen's older multiple sclerosis drug Avonex rose 14% to $527m. Revenue from Rituxan, the non-Hodgkin's lymphoma and rheumatoid arthritis drug Biogen sells in a joint arrangement with Genentech, rose 21% to $279m.
The company earlier this month fended off activist investor Carl Icahn's attempt to place three hand-picked candidates on the board.
