Roche has won approval from the European Union to sell Ocrevus, a new drug aimed at treating multiple sclerosis. The compay has already raked in an estimated $1 billion in revenue after just nine months of selling Ocrevus on the U.S. market.
According to Reuters, Ocrevus is designed to treat patients with relapsing or primary progressing MS. Roche is hoping that sales from the new medication will help make up for declining revenues from three key cancer medications: Rituxan, Herceptin and Avastin.
An estimated 2.5 million people have MS globally. In the U.S. alone, about 200 new cases are diagnosed each week.
Ocrevus is the first approved drug that can help slow the advancement of primary progressive MS for patients who have to use a cane or wheelchair to get around.
Read the full Reuters report.