UPDATE 2-Biogen 1st-qtr earnings up but sales disappoint

* Biogen reports higher 1st-qtr earnings

* Revenue falls short of Wall Street expectations

* Non-GAAP EPS beats expectations

* Shares down 1 pct in after-hours trading (Adds comment from analysts, company)

BOSTON, April 16 (Reuters) - Biogen Idec Inc (BIIB.O) said on Thursday its first-quarter earnings rose but overall revenue and sales of its main drugs fell short of market expectations.

Biogen, which makes multiple sclerosis drugs Tysabri and Avonex as well as cancer drug Rituxan, reported a net profit of $244 million, or 84 cents a share, compared with a profit of $163 million, or 54 cents a share a year earlier.

Excluding one-time items, earnings were $1.05 a share. Analysts had on average expected $1.00, according to Reuters Estimates. But sales of its multiple sclerosis drugs, as well as its cancer drug Rituxan were disappointing.

"We and others are certainly going to be a little bit disappointed with the top line, where they fell short on the three major products: Avonex, Rituxan and Tysabri," said Eric Schmidt, an analyst at Cowen & Co.

The company reported revenue of $1.036 million, up from $942 million a year ago. Analysts had expected revenue of $1.08 billion.