You can now read 5 articles in a month for free on Read as much as you want anywhere and anytime for just 99¢.

Mass. Movers

Biogen raises forecast as MS drug takes off

George Scangos heads Biogen Idec, whose shares are up 74 percent this year.

Globe file photo/2013

George Scangos heads Biogen Idec, whose shares are up 74 percent this year.

Continue reading below

Biogen Idec Inc., maker of the multiple sclerosis drugs Avonex, Tysabri, and Tecfidera, boosted its 2013 forecast after Tecfidera sales topped estimates. Revenue this year will grow 23 to 25 percent, with adjusted earnings of $8.65 to $8.85 a share. It had projected revenue gaining 22 to 23 percent and earnings of $8.25 to $8.50. Quarterly Tecfidera sales of $286.4 million beat analysts’ average $217.2 million estimate. ‘‘Tecfidera crushed it,’’ wrote Mark Schoenebaum, at ISI Group. ‘‘This is really, truly, incredible.’’ Revenue rose 32 percent to $1.83 billion. Net income increased 22 percent to $487.6 million.

Loading comments...
Want each day's news headlines delivered fresh to your
inbox every morning? Just connect with us
in one of the following ways:
Please enter a valid email will never post anything without asking.
Privacy Policy
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of
Marketing image of