MS drug off to impressive launch with $286m sales in third quarter

Biogen Idec yesterday reported $286m (€207m) in third-quarter sales of its high-profile new multiple sclerosis drug Tecfidera, providing fresh evidence that the medicine is off to an impressive launch and exceeding expectations.

The company also reported higher-than-expected earnings for the quarter and raised its full-year profit and revenue forecasts as its shares rose more than 3%.

In just its second quarter on the market, Tecfidera sales easily topped Wall Street analysts’ increased forecasts of between $205m and $235m. It had chalked up sales of $192m in its first quarter on the market.

Tecfidera is the third oral MS drug to come to market after Gilenya from Novartis and Sanofi’s Aubagio, but is widely expected to dominate the class.

It has already laid claim to being the leading oral drug for multiple sclerosis after just six months, Biogen said.

Analysts consider the drug to be Biogen’s most important future growth driver and forecast eventual peak annual sales in excess of $3bn.

The US biotechnology company said net profit for the quarter rose to $488m, or $2.05 per share, from $398m, or $1.67 per share, a year before. Excluding items, Biogen had adjusted earnings of $2.35 per share.

Biogen now expects 2013 earnings, excluding items, of $8.65 to $8.85, up from its prior forecast of $8.25 to $8.50 per share. Wall Street is forecasting earnings of $8.62 per share for the year.

Biogen now sees full-year revenue growth of 23% to 25%.

Revenue for the quarter rose 32% to $1.8bn.

Sales of Biogen’s older injectable MS drug, Avonex, fell slightly to $733.4m from $736.2m a year ago, as the drug likely lost some sales to the company’s own new medicine.

Biogen reported a 46% increase in sales of its other injectable MS drug, Tysabri, to $401m, largely due to the company’s acquisition of the portion of the medicine held by Irish drugmaker Elan earlier this year. Biogen now owns full rights to Tysabri.

— Reuters