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Article: Biogen Idec: Strong Sales Boost Earnings, Tysabri Data Looming.(Financial report)
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
Biogen Idec Inc. beat Wall Street expectations during the second quarter, reporting a 12 percent increase in revenues, driven by sales of Avonex and Rituxan, as well as lower-than-expected costs associated with ongoing safety studies of its withdrawn multiple sclerosis drug, Tysabri.
In accordance with generally accepted accounting principles (GAAP), the company reported a net income of $35 million, or 10 cents per share, for the quarter ending June 30. On an adjusted non-GAAP basis, which does not include merger-related charges or costs of $78 million related to the sale of its Oceanside, Calif.-based manufacturing facility, the company's ...