When a company with a market capitalization of nearly $56 billion is expected to grow annual earnings by 32% in 2013 and 29% in 2014, you know something good is going on.
For Biogen Idec (BIIB), the "good" is Tecfidera, its recently approved oral multiple sclerosis (MS) treatment. The drug is widely expected to be a blockbuster for the company. According to some analysts, annual sales of the drug could hit $3.5 billion by 2017. Novartis (NVS) and Sanofi (SNY) are the only other drugmakers with approved MS pills on the market.
When Biogen Idec reported second-quarter earnings in July, Tecfidera sales totaled $192 million, more than double the consensus estimate. Sales of the company's injectable MS treatment, Avonex, rose 2% to $774 million. Earlier this year, the company acquired sole ownership of MS drug Tysabri from partner Elan (ELN) for $3.25 billion. In 2012, Tysabri sales totaled $1.6 billion, up 8% from 2011.
Earnings are due Oct. 28 before the open. The Thomson Reuters consensus estimate calls for profit of $2.10 a share, up 10% from a year ago with sales up about 29% to $1.78 billion.
READ MORELabels: TECFIDERA, Tysabri
