Biogen Idec Inc., Biopharmaceutical company and the world’s largest maker of medicines for multiple sclerosis, has released its full year and fourth quarter results of 2011 on Tuesday and has found raised profits as sales have been increased, mostly that of multiple sclerosis drugs Tysabri (natalizumab) and Avonex (interferon beta-1a).
The earnings of the company have been increased by 25%, which have been partly the result of cost savings from job cuts. Total revenues of the company have been increased 7% to $5 billion year after year. The company has reported that there is 20% increase leading to $1.1 billion in revenues of Tysabri year-over-year and there is a 7% increase leading to $2.7 billion year-over-year in revenues of Avonex.
The company reported that its profit increased to $300.2 million or $1.22 per share this year from $240.28 million or $0.99 per share in the same quarter prior year. The 4th quarter revenue increased by 8.8% to $1.33 billion from $1.22 billion in the same period prior year.
In this scenario, Biogen Idec is investing heavily on the research and development (R&D) for the launch of new drugs for the treatment of multiple sclerosis and hemophilia.
“Our success in 2011 gives us a strong position on which to build,” said George A. Scangos, Ph.D., the company’s chief executive officer. “In 2012 we will focus on the continued growth and leadership of our marketed products and the advancement of our strong pipeline. We will continue to work on risk stratification to unlock the value of TYSABRI and we plan to launch the AVONEX PEN in the US to support the continued growth of AVONEX. We are working to file BG-12 as quickly as possible, and are preparing for the potential launch of the product. We also anticipate phase III data later this year for our long-acting factor VIII and factor IX in hemophilia, and dexpramipexole in ALS, and are preparing for multiple filings and product launches where the data are positive. At the same time we are working to strengthen our early stage pipeline through internal research and strategic collaborations to build a foundation for growth and innovation over the long term.”