Biogen 3Q Profit Beats Views On Smaller Charges

CAMBRIDGE, Mass. (AP) — Biogen Idec Inc. said Tuesday its profit jumped 34 percent in the third quarter due to lower amortization costs and increased sales of its multiple sclerosis drug Tysabri.

The Cambridge, Mass., drugmaker said its profit rose to $277.6 million, or 95 cents per share, from $206.8 million, or 70 cents per share. Excluding one-time costs, Biogen said it earned $1.12 per share, well ahead of Wall Street estimates. Revenue rose 3 percent, to $1.12 billion from $1.09 billion.

According to Thomson Reuters, analysts expected a profit of $1.04 per share and revenue of $1.11 billion.

Sales of Tysabri grew 21 percent to $207 million, Biogen said. At the end of the quarter, 46,200 patients were using Tysabri, up from 43,300 at the end of the second quarter. Tysabri is used for multiple sclerosis and Crohn's disease, and in the U.S., Biogen sells Tysabri through a partnership with Elan Corp. PLC.

Sales of the company's top seller, Avonex for multiple sclerosis, grew 1 percent to $580 million.

Biogen reported lower amortization costs on the expectation of greater sales of Avonex because of an extension of the drug's patent protection. In September, Biogen received a patent that covers Avonex until 2026. The patents supporting the drug had been scheduled to expire in 2013.