Biogen 2nd-Quarter Profit Beats Estimates

Biogen Inc. said second-quarter profit rose 18% to $63.4 million, or 43 cents a share, a penny better than analyst estimates, with help from strong sales of its multiple sclerosis drug Avonex. The biotechnology company said revenue rose 22% to $230.5 million. Sales of Avonex grew 30% to $190 million, at the higher end of the forecast range. Biogen shares closed off 6 cents at $70 on Nasdaq, before the earnings were released. The shares fell 6% on Monday after Prudential Vector Healthcare analysts cut their Avonex sales estimates for the quarter to $188.5 million from $191.5 million. Biogen’s shares have fallen 16% this year as Avonex has faced increased competition from other multiple sclerosis drugs.