Biogen's Tysabri sales disappoint Street

[industry_news]

Amylin Pharmaceuticals isn't the only company Carl Icahn is targeting. If you'll recall, Icahn made a play for control at Biogen Idec last Spring in an effort to get the company to sell. Well he's at it again. In a statement issue on Friday, Biogen says that Icahn Partners will nominate four execs to Biogen's Board of Directors: Alexander J. Denner, Richard C. Mulligan, Thomas J. Deuel, and David Sidransky to Biogen Idec's board of directors. The former two were part of a group rejected by Biogen's board in Icahn's first proxy fight attempt last June. The nominations were accompanied by a proposal to change the company's jurisdiction of incorporation to North Dakota and to amend the company's bylaws to expand the BOD from 12 to 13 members.
- here's Biogen's release
ALSO: Biogen Idec says the company met 2008 4Q profit forcasts and exceeded its $4 billion goal as revenues grew by 29 percent, bringing the company's total 2008 revenues to $4.1 billion (from $3.2 billion in 2007). Revenue climbed 20 percent to $1.07 billion from $893 million the prior year, with Avonex sales up 13 percent and a 20 percent increase in revenues from Rituxan. Despite setbacks from reports of PML, the company saw sales for the multiple sclerosis med Tysabri reach $156 million in the last quarter of 2008; a drop in sales compared with the previous quarter, but a 73 percent increase over 2007 4Q revenue. Overall, total 2008 revenues for Tysabri more than doubled to $589 million. But slowing growth in Tysabri's patient base and lagging sales still disappointed the Street, the Associated Press reports. Analysts expected an average of $185 million in 2008 4Q revenue for Biogen. 2009 revenue growth is expected to be less than 10 percent. Biogen release | Article


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