Biogen Idec Skyrocketing 20% On Drug Trial (BIIB)

Shares of Biogen Idec Inc. BIIB are skyrocketing in pre-market, gaining more than 20% after the company reported earnings, and reported favorable results from its BG-12 MS Pill Trial. “We had a very solid first quarter based on the performance of our three blockbuster products,” said George A. Scangos, Ph.D., Chief Executive Officer of Biogen Idec. "We continued our transformation into a lean, aggressive and focused company, and the reinvigoration of Research and Development is well underway. We met several exciting pipeline milestones, including the positive Phase III data read-out from the DEFINE trial for BG-12, our oral MS drug candidate, and the enrollment of the first patient in our Phase III EMPOWER trial for dexpramipexole, a potential treatment for ALS. We continue to unlock TYSABRI's potential through cutting edge science and are encouraged by the CHMP's positive opinion to include anti-JC virus antibody status as an additional risk factor for PML in the TYSABRI label. With these successes, we look forward to continue to drive our core business and advance our deep late-stage pipeline.” At last check, shares of Biogen Idec were up $18.92 to $105.49, a gain of nearly 22% in pre-market trading.