Biogen Idec Posts $36.8-Million Profit
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Biogen Idec Inc. said it had a third-quarter profit, fueled by double-digit sales growth of its multiple sclerosis and cancer drugs.
The company, which was created from the $6-billion acquisition of Biogen Inc. by Idec Pharmaceuticals Corp. in November, posted net income of $36.8 million, or 10 cents a share. There is no comparable year-earlier figure.
Excluding one-time items, the company earned 37 cents a share, 2 cents better than Wall Street analysts had expected.
Revenue for the quarter rose 14% to $543 million, driven by sales of Avonex for multiple sclerosis and cancer treatment Rituxan.
Biogen Idec shares rose $1.84 to $58.52 on Nasdaq.
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