Biogen Idec posts impressive year-on-year Q1 results

CAMBRIDGE, Mass. Biogen Idec recently released the results of its first-quarter 2008, according to published reports.

Revenues were the first quarter were $942 million, an increase of 32 percent from $716 million during the same period in 2007. This figure is driven mainly by the sales of its multiple sclerosis drugs Avonex and Tysarbi and its non-Hodgkin’s lymphoma treatment Rituxan. Avonex’s sales were up 19 percent to $536 million, Tysarbi’s sales increased by 283 percent to $115 million, and Rituxan revenues were up 19 percent to $247 million.

The net income for the quarter was $163 million, up from $132 million during the first quarter of 2007.

“Biogen Idec delivered record revenues and outstanding financial results in the first quarter, as we more than tripled Tysarbi sales compared to the same period last year and our core products Avonex and Rituxan continued to generate strong sales,” said James Mullen, Biogen Idec’s chief executive officer. “Given the strong momentum underway and the key data readouts expected this year, the prospects for the company have never been better.”