Biogen Idec Profit Buoyed By New MS Drug Tecfidera
Biogen Idec reported sales of its high profile multiple sclerosis treatment Tecfidera have reached $398 million in the fourth quarter of 2013, buoying up profit for the pharmaceutical giant. Biogen released its full year and fourth quarter 2013 revenue report this week.
The company reported a 57 percent jump in its fourth quarter profit and attributed its strong performance to its expanded multiple sclerosis franchise. Tecfidera sales exceeded estimates for the third successive quarter and are set to top $1 billion in the drug’s first year on the market.
Biogen Chief Executive Officer George A. Scangos said, “2013 was a great year for Biogen Idec and the patients we serve… Our existing products continued to perform well and the rapid growth of TECFIDERA – from launch to its position today as the number one prescribed oral MS therapy in the US – is a testament to our ability to develop and effectively bring new drugs to patients.”
Tecfidera has become the top-selling oral multiple sclerosis drug in the U.S. despite having come in third to the market. More than 6,000 doctors have prescribed Tecfidera. The company plans to market the drug in the EU soon.
“We are entering an exciting period as we plan for three new potential product launches this year, including two treatments for patients with hemophilia and the first pegylated interferon for MS -- as well as the potential approval and launch of TECFIDERA in Europe. We also are looking forward to multiple clinical readouts this year that, if successful, may support bringing forward therapies that could have a meaningful impact for patients in areas where there are currently few or no treatment options,” Dr. Scangos said.
Biogen announced it is preparing for possible introduction of two hemophilia products and pipeline read-outs in addition to new multiple sclerosis treatment offerings.
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