Biogen Idec's profit for the second quarter was down significantly from the same period last year, due in part to the acquisition of a new experimental treatment for multiple sclerosis. The company included the acquisition as part of a 60-percent increase in year-on-year research and development costs.
The Cambridge, Mass.-based biopharmaceutical company reported net income of $144.9 million for the three months ending June 30, 2009, down from $208.1 million for the second quarter last year.
Revenue for the company was up for the second quarter, to $1.1 billion from $993 million during the second quarter of 2008. The increase was led by sales of the company’s two marketed treatments for Multiple Sclerosis, Avonex , which booked revenues of $591.2 million, up from $527.2 million and Tysabri, with sales of $187.6 million, up from $147.2 million. The increase in sales of Tysabri beat investors’ expectations.
Biogen paid $110 million to Accordia Therapeutics Inc. to licence the drug candidate Ampyra (Fampridine-SR).
Biogen’s (Nasdaq: BIIB) stock rose slightly on the news, during mid day trading on Thursday, to $47.06 from $46.67 at the previous close. .. story in the Boston Business Journal