sukaina.virji@informa.com

Biogen Idec reported total revenues in 2009 of $4.4 billion, an increase of 7% on the previous year, driven primarily by its multiple sclerosis franchise.

Avonex (interferon beta-1a), Biogen Idec's older MS drug, showed continued growth with increased revenues of $2.3 billion, up by 5%. Newcomer Tysabri (natalizumab) increased by 32% to $776 million and is "now officially a blockbuster", said outgoing chief executive James Mullen.

Global 2009 Tysabri net sales (including those by partner Elan) were $1.1 billion, an increase of 30% over 2008.

These figures offset the decrease in Rituxan (rituximab) revenues by 3% to $1.1 billion for the year, blamed on the expiration of royalties on sales outside the US.

On GAAP-based figures, full-year 2009 earnings per share (EPS) were $3.35, an increase of 26% over 2008. GAAP net income for 2009 was $1.0 billion, an increase of 24%.

fourth-quarter

Fourth-quarter revenues were $1.1 billion, an increase of 5% over the fourth quarter of 2008, driven primarily by Tysabri (+39% to $216 million) and Avonex +5% to $596 million). Rituxan revenues dropped by 15% to $257 million.

Fourth-quarter 2009 EPS were $1.06, an increase of 51% over the fourth quarter last time. Net income for the quarter was $306 million, up by 48%.

As of December 31st, 2009 Biogen Idec had cash and equivalents of around $2.5 billion. Its financial guidance for 2010 states expected revenue growth in the mid-single digits.

Tysabri was temporarily withdrawn from the market in 2005 after it was associated with a potentially deadly brain infection called progressive multifocal leukoencephalopathy (PML). It was brought back in 2006 with stricter safety warnings, but questions still hover over the product.

The US label and patient medication guide were recently updated to quantify the risk of developing PML, which increases with the number of drug infusions received, although the US FDA still maintains that the benefits of Tysabri continue to outweigh the risks for patients with highly active relapsing-remitting MS (scripnews.com, February 9th, 2010).

Biogen Idec's board has set up a "CEO search committee", said Mr Mullen, who is stepping down in June (scripnews.com, January 5th, 2010). His replacement will need a healthy ability to bear up to Biogen Idec's activist investor Carl Icahn, who has repeatedly criticised the company's board of directors for not selling the company.

Last year, Mr Icahn succeeded in having two of his nominees elected to the board, and recently nominated a further three individuals.