Biogen profit rises as new multiple sclerosis drug shines

Biogen Idec Inc said on Wednesday its new, high-profile oral multiple sclerosis drug Tecfidera had sales of $398 million in the fourth quarter, easily exceeding estimates for a third successive quarter and keeping it on track to top $1 billion in its first year on the market. Biogen said underlying patient demand for the drug represented about $348 million of the U.S. sales, still ahead of analysts' consensus expectations of about $335 million. Biogen provided forecasts for 2014 that were likely to be viewed as a mixed bag, with revenue growth projections ahead of Wall Street expectations but an earnings outlook that fell short of the current analysts' view. The company forecast revenue growth of about 22 percent to 25 percent and earnings of $11 to $11.20 per share, excluding items.