Biogen Idec raises price of MS drug again

Biogen Idec Inc. has raised the wholesale price of one of its flagship drugs, Avonex, for the fifth time in two years, according to a note by JP Morgan analyst Geoffrey Meacham. The Cambridge biotech company raised the price of the multiple sclerosis drug by 8.9 percent on Nov. 8.

Meacham said that nearly matches a recent 9.5 percent increase for rival drug, Rebif, made by Rockland-based EMD Serono Inc. Avonex now costs about $27,000 for a year's supply, about $1,000 less than Rebif.

Biogen Idec's price increases for Avonex have helped it to squeeze additional revenue out of the 12-year-old drug, even as it faces competition from newer treatments. The company said Avonex sales rose 26 percent in the third quarter to $573 million.
(By Todd Wallack, Globe staff)