Serono's 3rd-qtr 2006 sales rise 8.4% on Rebif

Serono says that its third-quarter 2006 revenues increased 9.5% on the like, year-ago period, to $699.1 million, as product sales grew 8.4% to $619.2 million. The Swiss biotechnology group says that its net income was $170.6 million, up 19.8%, as earnings per share rose 19.1% to $11.64.

The Geneva-based firm's strong income was led by its flagship multiple sclerosis drug Rebif (interferon beta-1a), which earned $374.8 million, up 18.7%. Analysts at Lehman Brothers said that Serono's third-quarter results are "largely irrelevant" in light of its ongoing acquisition by Merck KGaA (Marketletter September 25), however, they noted that sales of Gonal-f (follitropin alfa recombinant) disappointed their expectations, with a 2.2% decline to $122.8 million.

Serono's other MS drug, Novantrone (mitoxantrone), earned $2.8 million, down 84.6%, due to generic competition in the USA, while Saizen (somatropin for injection), for the treatment of adult growth hormone deficiency, was largely unchanged from last year with sales of $50.5 million.