Biotech Earnings Review: Celgene, Biogen

Since earnings, Genzyme and partner Isis PharmaceuticalsISIS have announced expected delays in approvals of their cholesterol lowering product, Mipomersen. The FDA is now asking for data from two ongoing preclinical carcinogenicity studies in order for the drug to be filed in homozygous familial hypercholesterolemia, a severe form of high cholesterol that creates an increased risk of premature cardiovascular disease. And for broader, high-risk populations, the U.S. regulatory agency will require an outcomes study, which the company's plan to begin in 2009.

It is not clear yet if that delay will affect the terms of the deal between the companies, which has yet to close.

For more on Genzyme, check out these recent headlines from TheStreet.com:

• Genzyme Cuts Outlook After FDA Setback
• Genzyme Beats Earnings Targets
• FDA Delays Hit Genzyme, Isis JV Deal

Biogen Idec: April 23

Biogen beat on adjusted earnings and revenue, aided by strong sales of two key drugs, and upped its expectations for the year.

Sales of Rituxan, a treatment for B-cell non-Hodgkin's lymphomas and rheumatoid arthritis, rose 19% to $247 million as reported by Biogen's partner Genentech. Analysts had looked for $251 million.

But Biogen's multiple sclerosis drugs Avonex and Tysabri beat estimates. Sales Avonex increased 19% to $536 million, vs. the Street consensus of $490 million. Sales of MS and Crohn's disease drug Tysabri, for which Biogen partners with Elan ELN, totaled $160 million. Biogen recognizes $115 million of that, edging past the $113 million consensus target.

Factoring out pre-tax charges of $100 million for in-process R&D and one-time items, the company reported adjusted profit of $250 million, or 83 cents a share. Revenue rose 32% to $942 million, and results beat the expectations of Wall Street analysts who were looking for 79 cents a share on revenue of $890 million.