Biogen’s Tecfidera Sales Beat
Shares of Biogen Idec, Inc. (NASDAQ:BIIB) traded to the upside on on Monday morning following promising sales data from the company’s MS drug, Tecfidera. The company reported reported $286 million in third-quarter sales of the high-profile new multiple sclerosis. This data provides fresh evidence that the treatment is off to an impressive launch and exceeding expectations. Over the last few months the drug has actively taken market share from Teva’s Copaxone since March. Tecfidera offers patients a pill form of treatment versus the previous injectable form of treatment.
According to IMS, which provides data on prescription medicines, it has already laid claim to being the leading oral drug for multiple sclerosis after just six months, Biogen said. The company said net profit for the quarter rose to $488 million, or $2.05 per share, from $398 million, or $1.67 per share, a year before. Excluding items, Biogen reported adjusted earnings of $2.35 per share. These results beat analysts expectations which on average expected $2.10 per share, according to Thomson Reuters.
Biogen announced it 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. It now sees full-year revenue growth of 23 percent to 25 percent. It had previously projected growth of 22 percent to 23 percent.
Going forward, it appears the company is going down the correct path. Many analysts on the street are predicting continued sales growth from Tecfidera. As treating MS becomes easier for patients it is likely we will see Teva’s current patient base convert to Biogen. At the time of this writing shares of Biogen were to the upside by .1 percent to $252. The S&P 500 was up by a quarter to 1,760.
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