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Financial Report: Biogen Idec 1Q08

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By: Tim Wright

Editor-in-Chief, Contract Pharma

1Q Revenues: $942 million (+32%)

1Q Earnings: $163 million  (+23%)

Comments: Growth in the quarter was driven by Avonex sales (+19% to $536 million), Tysabri sales (+283% to $115 million) and Rituxan revenues from the joint business arrangement with Genentech (+19% to $247 million). In the quarter, the company announced new Tysabri safety data showing a favorable benefit-risk profile and no cases of progressive multifocal leukoencephalopathy (PML) since its re-launch in the U.S. Biogen Idec recognized $115 million of the Tysabri sales based on its collaboration with Elan. R&D expenses were $258 million (+35%).

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