Biogen Inc's multiple sclerosis drugs have failed to reach analysts' sales expectations for the second quarter, that ended on June 30, according to Reuters.
The sales of Tecfidera, the company's flagship oral drug for multiple sclerosis, again failed to reach sales expectations in a quarter for the second time in a row.
Biogen, a company that provides innovative therapies to people suffering from serious neurological, autoimmune and hematologic disorders, reported sales of $833 million in the second-quarter for Tecfidera, an increase from $700 million in the same quarter last year.
Analysts, however, were expecting sales of $903 million for the company's top-selling drug, according to Bloomberg.
Analysts believe that the disappointing data is hurt by reports of a serious brain infection linked to the drug, higher discounting and competition.
Bloomberg reports that Novartis AG's head of pharmaceuticals is saying that this week, more people are using its medicine as a first option. The company produces Gilenya, a drug for multiple sclerosis and a competition for Tecfidera.
Aside from Tecfidera, Biogen's other drugs also failed to reach expectations.
Reuters reported that Tysabri, Biogen's injectable drug for multiple sclerosis, came in at $463 million, below the expected $505 million. Avonex, an interferon-based multiple sclerosis drug, came in at $690 million, below the $767 million sales expectations.
The company did beat analysts' earnings per share estimate.
The second-quarter adjusted earnings per share came in at $4.22, higher than the $4.10 average estimate, according to Bloomberg.
Revenues, though, fell short as the company posted a $2.59 billion revenue, below the expected 2.73 billion.
The missed expectations prompted the company to slash its sales growth and full-year profit forecasts for 2015.
Reuters reported that Biogen lowered its full-year sales growth forecast, from 14-16 percent, now down to 6-8 percent. The adjusted profit forecast is slashed to $15.50 - $15.95 per share, down from the earlier forecast of $16.60 - $17 per share.
