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 BOSTON (AP) - Biogen Idec Inc. on Wednesday reported a 7 percent increase in profits on strong sales of its two leading drugs, Rituxan and Avonex, though the biotechnology company fell shy of Wall Street expectations.
The company also announced progress in the launch of its next generation multiple sclerosis drug, Tysabri, but said expenses from the launch and ongoing clinic trials would initially pull down earnings this year.
Biogen earned $132 million, or 38 cents per share, for the three months ended March 31, compared with $123 million, or 36 cents per share, in the year-ago period.
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