Biogen raises forecast as 1Q profit climbs 12 pct

WESTON, Mass. (AP) -- Biogen Idec raised its forecast for the year as first-quarter net income increased 12 percent, helped by a revenue boost from the multiple sclerosis treatment Tysabri and a product approval.

The company's revenue from Tysabri rose 41 percent to $441 million in the first quarter. Biogen last year acquired complete rights for the treatment, which is also used to treat Crohn's disease. And Biogen's new multiple sclerosis drug, Tecfidera, had revenue of nearly $506 million in the quarter. It received regulatory approval in Europe earlier this year, following approval last year from the U.S. Food and Drug Administration.

The Weston, Mass., company said Wednesday that it now expects adjusted 2014 earnings to range between $11.35 and $11.45 per share. It forecast $11 to $11.20 per share in late January. Analysts expect, on average, $11.32 per share, according to FactSet.

Company shares ticked up $2.80, or less than 1 percent, to $309 in premarket trading. The stock is up 9.5 percent in 2014.

In the first quarter, Biogen earned nearly $480 million, or $2.02 per share. That's up from $426.7 million, or $1.79 per share, in last year's quarter.

Adjusted earnings totaled $2.47 per share, which fell short of analyst expectations for $2.56 per share.

Revenue soared 51 percent to $2.13 billion. That topped the average Wall Street forecast of about $2 billion.