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Mike, glad there is another Biogen fan out there. I think you are right about the $100M/$1 per share earnings. The math should work out better (with only 35M shares outstanding), but no doubt Biogen will use a huge amount of the revenues for R&D, infrastructure and investment. In the company's Q2 conference call with the investment community, they said they were adding 1,000+ patients per week...I suspect the number is closer to 1,500+. That would put their current patient count at over 12,000 patients and put them on target for 30,000 before the end of the year. European approvals are set for early next year, and Biogen's patents are very strong - Schering and Serono are not anticipated to be problematic. Next quarter's earnings may be in excess of $1: the company intends to take advantage of tax credits in a one-time fashion giving them a starting per share earnings base of $0.605. I wonder how Ontogeny will play out, too. But, I hope a major pharmaceutical does not buy Biogen: they have too much potential as an independent company. |
