Biogen Idec posted a net income of $219.99m for the first quarter 2010, or $0.80 per diluted share, compared to $246.57m, or $0.84 per diluted share, for the prior year period.
First quarter GAAP and non-GAAP results include a $14m charge resulting from the impairment of our investment in AVEO Pharmaceuticals following its initial public offering in March 2010. First quarter results were also impacted by a $13m charge due to the recently approved Patient Protection and Affordable Care Act.
James Mullen, president and CEO of Biogen Idec, said: “We continue to execute on our strategy and actively position Biogen Idec for future growth.
“We have several efforts underway that have the potential to drive long-term Tysabri adoption, including the JC virus assay and Surpass comparative study, our pipeline has great prospects with six programs in registrational trials, and we have solid financial fundamentals with strong cash flow.”