Shares of biotechnology company Biogen Idec Inc. jumped Tuesday after its partner on the blockbuster drug Rituxan reported a surge in second-quarter sales.
The stock rose $2.46, or 4 percent, to $63.48. Shares have traded between $53.65 and $84.75 over the past 52 weeks.
On Monday, South San Francisco, Calif.-based Genentech said Rituxan was its best-selling drug during the second-quarter, helping to push a 5 percent boost in profit. Rituxan, approved as to treat non-Hodgkin's lymphoma and rheumatoid arthritis, had sales of $651 million, rising 12 percent from a year earlier.
Rituxan sales were better than expected, according to several analysts.
Also, on Tuesday morning Frazer, Pa.-based Cephalon Inc. said a midstage study combining its leukemia drug Treanda with Rituxan prompted a response in non-Hodgkin's lymphoma patients. The midstage study results were filed with the FDA in December, along with several other clinical trial results, and Cephalon is awaiting a regulatory decision on the proposed indication.
Analysts have pointed to the likelihood that Cephalon's Treanda would be used with Rituxan, if the latter receives approval for non-Hodgkin's lymphoma.
Cambridge, Mass.-based Biogen is scheduled to report second-quarter earnings results July 22. Analysts polled by Thomson Financial expect profit of 85 cents per share on revenue of $961.7 million.
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