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Tecfidera sales trounce estimates

July 26, 2013 1:23 AM UTC

Biogen Idec Inc. (NASDAQ:BIIB) reported $192.1 million in 2Q13 sales of newly launched multiple sclerosis drug Tecfidera dimethyl fumarate, more than double Street estimates of around $75 million. The company, which launched Tecfidera in the U.S. in April, attributed $110 million of sales to patient demand and $82 million to inventory building. On a conference call to discuss the biotech's earnings, EVP of Commercial Operations Tony Kingsley said about a quarter of patients prescribed Tecfidera were new to MS therapy, while the remainder switched from other drugs.

Biogen Idec does not break out guidance for individual products but did say it does not expect "meaningful" Tecfidera revenue in the EU this year. In May, the company said it planned to delay the European launch of the MS drug until this half to clarify "regulatory data protection in the EU," a process which Biogen Idec said on Thursday is "taking a little longer than we thought it would." EMA's CHMP recommended approval of Tecfidera in March, but the drug is not yet approved in the EU. ...