Updated with new information
CAMBRIDGE, Mass. ( TheStreet) -- Biogen Idec (BIIB - Get Report) reported $192 million in second-quarter sales of its new multiple sclerosis pill Tecfidera and raised earnings guidance for the rest of the year.
Investors had high expectations for Tecfidera going into this morning's earnings report -- looking for end-user sales of at least $90 million in the first three months of the drug's U.S. launch.Biogen appears to have given investors what they wanted. Total Tecfidera sales to patients -- a true measure of demand for the drug -- were $110 million. The company recorded another $82 million in Tecfidera revenue from wholesaler inventory stocking. Helped along by the strong Tecfidera launch, Biogen raised guidance for 2013 adjusted earnings to a range of $8.25 to $8.50 per share, above the current consensus of $8.20 per share. Biogen said it expects to post revenue growth for 2013 in the range of 22 percent to 23 percent, above the 20 percent earnings growth expected by analysts. Still, Biogen shares were trading flat to slightly down Thursday largely due to high expectations already priced into the stock, plus lingering concerns about the company's ability to launch Tecfidera in Europe on time. On a conference call, Biogen executives said Tecfidera exclusivity discussions in Europe were taking longer than expected and that any revenue generated by the drug in Europe this year would not be meaningful. Some investors took this to mean that Biogen may not launch the drug in Europe this year, as expected, although the company did not come out and say that specifically. Back in the U.S., Biogen said the rate at which new multiple sclerosis patients start on Tecfidera may "moderate" in the next quarters because of pent-up demand for the drug at its launch. For the quarter ended June 30, Biogen reported adjusted net income of $549 million, or $2.30 per share, up 25 percent and 26 percent from the prior year's quarter, respectively. Revenue in the second quarter totaled $1.7 billion, an 21 percent increase over from the year-ago quarter. Biogen shares closed Wednesday at $226.61, ahead of the earnings announcement. -- Reported by Adam Feuerstein in Boston. Follow @AdamFeuerstein
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