Shares of Biogen Idec rose more than 5 percent yesterday after the Weston-based biotechnology company said its first quarter revenue was $1.4 billion, a 10 percent increase compared to the same period last year.
Biogen's revenue gains were led by the performance of its multiple sclerosis drugs Avonex and Tysabri. Avonex revenues increased 13 percent year-over-year to $746 million, while Tysabri revenues rose 9 percent year-over-year to $312 million.
Biogen's revenue for the first quarter of 2012 were $1.29 billion.
The company's net income rose to nearly $427 million, or $1.79 per share. A year ago, Biogen earned nearly $303 million, or $1.25 per share.
Officials added the company netted a $433 million gain due to a federal manufacturing deduction, which reduced the company's tax rate.
The company saw a 7 percent year-over-year decrease in revenue for its cancer drug Rituxan, officials said.
Biogen added the U.S. Food and Drug Administration approved its drug Tecfidera last month as a new oral treatment for people living with relapsing forms of multiple sclerosis. The drug is now available to MS patients across the United States, officials said.
The company also updated its full-year guidance. Biogen now expects its revenue growth to be from 16 percent and 18 percent; and its non-GAAP diluted earnings per share to be between $7.80 and $7.90.
Biogen stock reached a high of $217.67 today.
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