WESTON, Mass. (
third quarter earnings rose 11% driven primarily by sales of the company's flagship multiple sclerosis drug Avonex, the company reported Tuesday.
Biogen reported net income of $254 million, or $1.05 a share in the September quarter compared to net income of $277.6 million, or 95 cents a share, one year ago.
On an adjusted basis, Biogen earned $1.35 a share in the quarter, topping Wall Street's consensus estimate of $1.22 a share.
Total revenue rose 5% to $1.17 billion in the quarter, above the consensus estimate of $1.16 billion. Global sales of Avonex totaled $644 million, topping expectations, but sales of Biogen's other multiple sclerosis drug were $307 million, lower than expected.
Biogen's multiple sclerosis drug franchise is expected to come under additional competitive pressure now that Novartis has launched Gilenya, the first oral multiple sclerosis medicine.
Biogen Idec shares closed Monday at $59.90.
--Written by Adam Feuerstein in Boston.
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