Biogen's (BIIB) Weekly Tecfidera Scripts Reaccelerate

July 5, 2013 11:27 AM EDT
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IMS data on Biogen's (NASDAQ: BIIB) Tecfidera showed total scripts grew 12% week-over-week to 3535 (vs 3153). New prescriptions were 2,997 (vs. 2,743 from previous week), a change of 9%. Extrapolating data, Wells Fargo believes patient starts (including free QuickStart) grew 16%.

Commenting, Wells Fargo analyst Brian Abrahams said, "Though we have seen Tecfidera prescription trends flattening over the last couple of weeks, this week's strong 12% wk/wk TRx growth (and +16% new patient growth) suggests that there is still the remaining pentup demand working through the system and the steady-state wk/wk prescription level has not been reached yet."

"We continue to believe, based on strong IMS prescription data, Tecfidera Q2 sales will comfortably beat consensus. We would look to 2Q and subsequent quarters to better understand any potential impact of cannibalization (we note Tysabri PML data suggested a weaker May than seasonally expected, though those analyses have considerable variability)," he added.

Wells Fargo has a Market Perform rating on Biogen.

For an analyst ratings summary and ratings history on Biogen (NASDAQ: BIIB) click here. For more ratings news on Biogen click here.

Shares of Biogen closed at $217.50 yesterday.

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