Biogen Idec reported First Quarter (Q1) earnings this week. Biogen Idec net income for Q1 2011 was $308.8 million ($1.20 per share), up from $217.4 million (80 cents per share) in the year ago period. Net income was below analyst forecasts which ranged from $1.22 to $1.49 per share.
Biogen Idec also announced positive news related to its oral multiple sclerosis drug candidate BG-12. BIIB reports that BG-12 reduced the number of relapses of the disease in half after two years of treatment.
Dr. Al Sandrock, from the Biogen Idec conference call...
In the DEFINE trial, 2 endpoints assessing relapses were included, the proportion of relapsing patients at 2 years as the primary endpoint and annualized relapse rate as the secondary endpoint. The second Phase III study of BG-12, CONFIRM, is also a 2-year, placebo-controlled dose comparison study, which includes glatiramer acetate as a reference comparator arm.
CONFIRM's primary endpoint is reduction of relapses at 2 years. Through the study endpoints for both DEFINE and CONFIRM, we will have a full spectrum of information regarding the effect BG-12 has on relapses. In addition, both trials were designed to measure the effects of BG-12 on EDSS, an extremely important endpoint for disability progression. Top line data release for CONFIRM continues to be expected in the second half of 2011, and we look forward to presenting more details from the DEFINE study in an upcoming medical meeting later this year.
BIIB stock price hit a new record high amid the earnings release and the BG-12 data news. Biogen Idec shares hit an intraday high of $106.99 and printed a closing quote of $99.70 a share. BIIB stock price gained $13.13 (15.17%) on the day.
Biogen Idec earnings
