Biotechnology company Biogen Idec said today it swung to a second-quarter profit on strong sales of two key drugs and the lack of acquisition charges that resulted in a loss a year ago.
The company earned $186.1 million, or 54 cents per share, during the second quarter of 2007, compared with a loss of $170.6 million, or 50 cents per share during the same period a year prior.
During the second quarter of 2006, the company had a $331 million charge related to the acquisitions of Conforma Therapeutics Corp. and Fumapharm.
Revenue rose 17 per cent to $773.2 million from $660 million.
Excluding costs for acquisitions and stock-based compensation, the company said it earned 70 cents per share this year versus 57 cents per share a year earlier. Analysts polled by Thomson Financial expected profit of 63 cents per share on revenue of $759.5 million.
Sales of multiple sclerosis drug Avonex rose 8 per cent to $462 million while Tysabri, which was allowed back on the market by the Food and Drug Administration in June 2006, had sales of $72 million, of which Biogen will see $48 million from its partnership with Elan.