Biogen Idec gives business update

Pharmaceutical Company Restructures

At a presentation given at the annual JPMorgan Healthcare Conference in San Francisco, Biogen Idec has provided a business update to investors outlining the company's financial goals, long-term strategy and growth opportunities.

The firm predicts that its strong cycle will drive revenue growth of 15-20 per cent during 2008, with the company setting the goal of 15 per cent compound annual growth rate in revenue growth and 20 per cent in non-GAAP earnings per share through till 2010.

Biogen Idec also outlined an update on its 15 product candidates currently undergoing clinical trials at phase II or beyond, with these programmes forecast to contribute significantly to top-line growth at the firm in the long term.

James C Mullen, chief executive officer of the company, said: "We've successfully advanced multiple internal programs over the past two years and, at the same time, pursued a successful business development strategy to expand the pipeline."

He added that Biogen Idec boasts one of the strongest drug development pipelines in the pharmaceutical industry with the firm planning on growth in its core therapeutic areas combined with expansion into new fields.

Last month, the board of directors of Biogen Idec announced that it had completed its review of strategic alternatives open to the company, with the directors deciding that the business should remain independent.

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