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CAMBRIDGE, Mass. (AP) — Biogen Idec Inc. reported lower-than-expected profit and revenue for the first quarter on slower sales growth of its multiple sclerosis drug Tecfidera.
Its shares fell more than 4 percent in premarket trading Friday.
The biotechnology company reported its first-quarter profit climbed 71 percent to $822.5 million, or $3.49 per share. Earnings, adjusted for one-time gains and costs, were $3.82 per share.
But that missed Wall Street expectations, with the average estimate of 18 analysts surveyed by Zacks Investment Research expecting $3.92 per share.
Revenue rose 20 percent to $2.55 billion, which also fell short of Street forecasts. Nineteen analysts surveyed by Zacks expected $2.66 billion.
The disappointing results sent Biogen Idec shares down $19.53, or 4.5 percent, to $410.75 in premarket trading shortly before the market open.
The Cambridge, Massachusetts-based company said it continued to gain ground in the multiple sclerosis drug market, even though sales growth of Tecfidera is moderating in the U.S. and Germany. Total sales of multiple sclerosis drugs rose 23 percent to $2.1 billion. Tecfidera constituted the bulk of the sales. Avonex and Plegridy sales fell slightly to $755 million.
Sales of Tysabri, which treats multiple sclerosis and Crohn's disease, rose 5 percent to $463 million.
Biogen shares have climbed 27 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 3 percent. The stock has risen 40 percent in the last 12 months.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on BIIB at http://www.zacks.com/ap/BIIB
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Keywords: Biogen Idec, Earnings Report
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