In an industry dominated by unprofitable micro caps, biotech has only four companies whose market caps exceed $10 billion. Following sector powerhouses Amgen
Avonex sales totaled $1.4 billion, up 21% over 2003, and revenues for Rituxan, which Genentech markets, were $615 million, up 25%. Combined, the products have pushed Biogen IDEC over the $2 billion revenue mark, and with the introduction of a new MS drug, Tysabri, the company isn't likely to look back.
Tysabri, which Biogen IDEC shares with Elan
The merger of Biogen with IDEC Pharmaceuticals in late 2003 created the world's third-largest biotech company. With the success of its treatments and the promise of more to come, Biogen IDEC is positioned to be one of the dominant players in the biotech sector for a long time.
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