By Anastasia Tomazhenkova: Biogen Idec Inc announced its fourth-quarter profit rose 84%, helped by increased sales of its multiple sclerosis drugs Avonex and Tysabri.
The Cambridge, Massachusetts-based biotechnology company, claimed net income fourth-quarter earnings of 201.2 million dollars, or 67 cents a share, up from a year-ago profit of 108.6 million dollars, or 32 cents a share.
Excluding one-time items, the company earned 89 cents a share. Analysts had on average expected 81 cents a share.
Revenue rose to 893 million dollars from 708 million dollars a year ago, driven by an increased sales of Avonex and Tysabri. Sales of Tysabri, which was temporarily withdrawn from the market in 2005, rose to 90 million dollars from 18 million dollars a year ago.
Sales of Avonex rose to 503 million dollars from 438.8 million dollars.
The company said it is reiterating its 2008 outlook. In January the company claimed it expects income excluding one-time items of 3.20 dollars to 3.35 dollars a share. The company expects net earnings per share of between 2.23 dollars and 2.38 dollars.
The company sees capital spending of between 210 million dollars and 260 million dollars for 2008.
The stock closed Tuesday at 60.52 dollars.
US President Joe Biden and Iraqi Prime Minister Mustafa Al Qadimi signed an agreement on July 26 to formally end the USA's military presence in the country by the end of the year