Biogen Idec Inc. (NASDAQ: BIIB) reported Tuesday its profit rose 48 percent in the fourth quarter due to higher sales of its drug Tysabri, according to Associated Press.
The biotechnology company also forecast a profit for this year that is above current Wall Street estimates.
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Biogen said its profit grew to $305.6 million, or $1.06 per share, in the three months ended Dec. 31 from $206.7 million, or 70 cents per share, a year ago.
Its revenue rose 5 percent to $1.13 billion from $1.07 billion. It said Tysabri sales climbed 39 percent, and sales of Avonex, an older multiple sclerosis drug, also improved.
Analysts expected a profit of $1.05 per share and revenue of $1.12 billion, according to Thomson Reuters.
Biogen and Elan Corp. PLC (NYSE: ELN) sell Tysabri, a treatment for multiple sclerosis and Crohn's disease, through a partnership. Biogen said sales rose to $216.2 million. Revenue from Avonex grew 5 percent to $596.5 million, and sales of the lymphoma and rheumatoid arthritis drug Rituxan fell 15 percent to $257 million.
The company said there were about 48,800 patients on Tysabri at the end of the quarter.
Biogen also took about $33 million in impairment charges in the fourth quarter of 2008. Those charges were related to the declining value of its marketable securities and strategic investments.
For the full year 2009, Biogen said its profit grew 24 percent to $970.1 million, or $3.35 per share, from $783.2 million, or $2.65 per share, in 2008. Revenue grew 7 percent to $4.38 billion from $4.1 billion.
The company forecast a profit of at least $3.71 per share in 2010, or more than $4.55 per share excluding one-time costs. It said revenue will grow in the mid-single digits.
Analysts are expecting a profit of $4.38 per share and $4.52 billion in revenue, which implies sales growth of about 3 percent.
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