RESEARCH ALERT - Several brokerages raise Biogen
NEW YORK, Jan 14 (Reuters) - Several brokerages on Friday raised their price targets and earnings estimates for Biogen Inc. (NasdaqNM:BGEN - news) after the multiple sclerosis drug maker reported strong-than-expected profits.
-- Late Thursday, Biogen reported fourth-quarter earnings of $69.3 million, or 44 cents per diluted share, topping analysts expectations by 2 cents.
-- Firm posted higher total sales of $225.3 million for the quarter vs. $168.3 million a year earlier, and said it would spend $300 million on research and development in 2000.
-- Company said number of Avonex patients surged nearly 50 percent from year earlier to 83,000, and yearly sales jumped 55 percent to $621 million from $395 million.
-- Company forecast number of Avonex MS drug patients rising to over 100,000 in 2000 from 83,000 currently.
-- US Bancorp Piper Jaffray analyst Peter Ginsberg on Friday said he upped Biogen 2000 eps view to $1.83 from $1.76.
-- Piper said upped 2001 eps view to $2.10 from $2.05.
-- Piper said raised price target to $84 from $82.
-- said strong Avonex sales in line with Piper's forecast.
-- said quarterly increase in Avonex patients signals U.S. sales growth far from abating.
-- said reiterated neutral rating.
-- said management plans 2000 goal of in-licensing 2 drugs in clinical development.
-- Warburg Dillon Read analyst Rachel Leheny on Friday raised Biogen 2000 eps view to $1.80 from $1.60, upped 2001 to $1.98 from $1.80.
-- Upped estimates based on company guidance for sales and costs for year 2000.
-- said quarterly Avonex sales of $180 million beat Warburg's $168 million estimate.
-- Goldman Sachs on Friday said analyst May-Kin Ho raised 2000 EPS estimate for Biogen to $1.88 from $1.72, and introduced a 2001 EPS estimate of $2.32.
-- rated the stock a Market Outperformer.
-- Lehman Brothers Inc analyst Tony Butler on Friday raised his 2000 eps view on Biogen to $1.85 from $1.73.
-- said based on company's guidance for Avonex patient growth and research and development costs, upped estimates.
-- said raised price target to $120 from $95.
-- said quarterly Avonex sales modestly above Lehman's
estimates.
-- shares rose 3-7/16 to 80-3/4 in late morning Nasdaq
trade.
-- PaineWebber analyst Elise Wang said on Friday she raised
estimates for 2000 to $1.81 from $1.75, and 2001 to $2.11 from $2.02.
-- said ``we believe that increased use in earlier-stage (Avonex) patients is continuing to drive robust market expansion.'
-- said ``With this strong growth, we expect Biogen will achieve its goal of 100,000 patients treated with Avonex by Q3 2000.'
-- said she was increasing her Avonex sales projection to $822 million from $812 million with aggregate revenues reaching nearly $1 billion for 2000.
-- said ``Our 2001 EPS estimate is also increased to $2.11 based on Avonex sales of $993 million from $2.02 per share on Avonex sales of $945 million.'
-- said reiterating Buy rating.
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