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Thursday, October 19, 2006
Serono Third-Quarter Profit Rises 20% on Rebif Demand
Oct. 19 (Bloomberg) -- Serono SA, the Swiss biotechnology company that Merck KGaA agreed to buy for $13.3 billion last month, said third-quarter profit rose 20 percent on demand for its Rebif multiple sclerosis treatment.
Net income increased to $170.6 million compared with $142.4 million a year earlier, the Geneva-based company said today in a PRNewswire statement. Revenue climbed 9.5 percent to $699.1 million. Serono was expected to earn $154.2 million, according to analysts surveyed by Bloomberg News.
Serono's top two medicines, Rebif and the Gonal-F fertility treatment, account for three-quarters of the company's revenue. Rebif faces competition in the multiple sclerosis market from Elan Corp.'s Tysabri, reintroduced in July after it was linked to a rare and fatal disease, as well as Biogen Idec Inc.'s Avonex, Schering AG's Betaseron and Teva Pharmaceutical Industries Ltd.'s Copaxone.
Serono said today operating profit rose 25 percent in the quarter. Rebif sales climbed 19 percent to $374.8 million and remained the world's best-selling multiple sclerosis medicine outside the U.S., the company said.
more
Oct. 19 (Bloomberg) -- Serono SA, the Swiss biotechnology company that Merck KGaA agreed to buy for $13.3 billion last month, said third-quarter profit rose 20 percent on demand for its Rebif multiple sclerosis treatment.
Net income increased to $170.6 million compared with $142.4 million a year earlier, the Geneva-based company said today in a PRNewswire statement. Revenue climbed 9.5 percent to $699.1 million. Serono was expected to earn $154.2 million, according to analysts surveyed by Bloomberg News.
Serono's top two medicines, Rebif and the Gonal-F fertility treatment, account for three-quarters of the company's revenue. Rebif faces competition in the multiple sclerosis market from Elan Corp.'s Tysabri, reintroduced in July after it was linked to a rare and fatal disease, as well as Biogen Idec Inc.'s Avonex, Schering AG's Betaseron and Teva Pharmaceutical Industries Ltd.'s Copaxone.
Serono said today operating profit rose 25 percent in the quarter. Rebif sales climbed 19 percent to $374.8 million and remained the world's best-selling multiple sclerosis medicine outside the U.S., the company said.
more