Biogen Idec gains on early Tecfidera sales

Biogen Idec Inc. (NASDAQ:BIIB) gained $11.93 to $215.20 on Monday after analysts expressed optimism that 2013 sales of oral multiple sclerosis drug Tecfidera dimethyl fumarate ( BG-12) could outperform the Street's expectations based on early sales. According to ISI Group's Mark Schoenebaum, IMS Health recorded 332 prescriptions in Tecfidera's second week of sales, which he said would place the drug well ahead of competitors Gilenya fingolimod and Aubagio teriflunomide in terms of the number of prescriptions in their respective launches. Schoenebaum noted Tecfidera has already reached the number of prescriptions that Novartis AG (NYSE:NVS; SIX:NOVN) took three months to reach with Gilenya. The Street expects Biogen Idec to report about $240 million in 2013 Tecfidera sales. The company is slated to report 1Q13 results on Thursday.

FDA approved Tecfidera last month with the cleanest label among the oral MS drugs. Doctors last year told BioCentury they would use it first among the oral drugs because of its benign safety profile. Biogen Idec launched the drug, which activates the NF-E2-related factor 2 (Nrf2) pathway, with a wholesale acquisition cost (WAC) of $54,900 per year (see BioCentury, April 1). ...