Biogen's Eloctate Approved in Canada for Hemophilia A

Biogen Idec (BIIB) announced that its hemophilia A drug, Eloctate, gained approval in Canada. Health Canada approved the drug for the control and prevention of bleeding episodes and routine prophylaxis in adults and children (≥12 years) with hemophilia A.

Approval makes Eloctate the only hemophilia A therapy that has the ability to cut the frequency of bleeding episodes with prophylactic infusions every three to five days or once a week.

Eloctate is the second product in Biogen’s hemophilia portfolio to gain approval this year. In late March, Biogen’s hemophilia B product Alprolix was approved in Canada.

The company is conducting pediatric studies on Alprolix and Eloctate. Data from these studies are required for regulatory applications in the EU.

Eloctate was launched in the U.S. in July, while Alprolix which is already available, recorded revenues of $10.4 million in the second quarter of 2014.

We are encouraged by Biogen’s progress with its pipeline. Earlier this month, Biogen’s multiple sclerosis (MS) product Plegridy was approved by the FDA for the treatment of people with relapsing forms of multiple sclerosis.

With Plegridy’s approval, Biogen has strengthened its MS portfolio further. Biogen’s MS portfolio consists of drugs like Avonex, Tysabri and Tecfidera.

Biogen remains well-positioned for growth. We expect 2014 to be catalyst rich for the company.

Biogen is a Zacks Rank #2 (Buy) stock. Some better-ranked stocks in the biotech sector include Gilead Sciences Inc. (GILD), Amgen Inc. (AMGN) and Cambrex Corp. (CBM). All three are Zacks Rank #1 (Strong Buy) stocks.

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