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Sunday

 

Biotech Gets A Lift On Popular Drug, Strong Pipeline


















The success of Biogen Idec's oral multiple sclerosis (MS) treatment Tecfidera has been well documented in recent quarters, but the company is far from a one-hit wonder.

Its biggest seller is Avonex, an injectable MS treatment. Other Biogen Idec drugs — such as the MS treatment Tysabri and cancer treatments Rituxan and Gazyva — also contribute meaningful sales.

Shares of Biogen Idec gapped up on July 23 after the company reported strong earnings.

The large-cap biotech has made a habit of reporting strong bottom-line and top-line growth in recent quarters, and it did more of the same in Q2. After six straight quarters of accelerating sales growth, second-quarter sales slowed a bit but still rose an impressive 40% from a year ago to $2.4 billion.

Sales of Avonex totaled $774 million, down slightly from a year ago, but Tecfidera is gaining ground quickly. The drug generated sales of $700 million in Q2, up sharply from Q1 sales of $506 million. The Food & Drug Administration approved Tecfidera in March 2013.

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