Company Press Release
SOURCE: Biogen, Inc.
Biogen Reports Record Fourth Quarter and 1997 Results
Yearly Net Income and Earnings Per Share Increased by More Than 100 Percent Compared to 1996
CAMBRIDGE, Mass., Jan. 15 /PRNewswire/ -- Biogen, Inc. (Nasdaq: BGEN - news) today reported financial results for the year and quarter ended December 31, 1997. For the three months ending December 31, 1997, the Company reported diluted earnings per share of $0.42 and revenues of $130,452,000, compared to diluted earnings per share of $0.11 and revenues of $91,987,000 for the same quarter last year. For the full year, the Company reported net income of $89,167,000 or $1.17 per share, compared to $40,530,000 or $0.55 per share in 1996. Total revenues in 1997 were $434,044,000 compared to $277,090,000 in 1996. The revenue, net income and diluted earnings per share figures for 1997 all represent new records for the Company.
Jim Tobin, Biogen's Chief Executive Officer, said, ''As we reported earlier this week at the Hambrecht & Quist Life Sciences Conference, AVONEX(R) (Interferon beta-1a) sales continue to grow in both the U.S. and in Europe, with approximately 35,000 patients now on therapy worldwide. Total sales of AVONEX(R) in 1997 were $240 million. Sales in Europe in the most recent quarter totaled more than $10 million, a significant increase from the prior quarter. With product launch having just occurred in France, AVONEX(R) is now on the market in every major European country, and we anticipate that we are now entering a phase of rapid sales growth in Europe.
''We will continue to focus on expanding the market for AVONEX(R) in 1998 and expect that the drug will become available in several additional markets this year.
''Advancing our new product pipeline is a top corporate priority and we made significant progress in this area during the most recent quarter. In December, we announced an agreement with Merck & Co. Inc., to collaborate on the development of anti-VLA4 inhibitors.
''We now have four compounds in clinical trials and expect partners to begin clinical trials of two others. Our ongoing studies of AVONEX(R) are designed to support a broader label, both for MS and additional indications. Other compounds in clinical development are LFA3TIP, a potential treatment for psoriasis; CVT-124 for treatment of edema associated with congestive heart failure, and 5c8/CD40 ligand, which we expect to enter Phase II trials this year in ITP (idiopathic thrombocytopenic purpura), lupus and Factor VIII antibody inhibition. We also anticipate that Merck will begin human testing of an anti-VLA4 inhibitor for asthma this spring and that The Medicines Company will begin trials of HIRULOG(R) in angioplasty and acute myocardial infarction.
''Licensee sales of products from which Biogen derives royalties remained an important source of revenue in 1997. Annual sales by our licensees of hepatitis B vaccines exceeded $1 billion. Sales of Intron(R) A alpha interferon by Schering-Plough [NYSE:SGP - news] remain strong.''
In addition to historical facts, this press release contains forward- looking statements that involve risks and uncertainties that could cause actual results to differ materially from those reflected in the forward- looking statements. Reference is made in particular to statements regarding the anticipated AVONEX(R) revenue growth phase, anticipated entry into new markets and the expected commencement of clinical trials. Factors which could cause actual results to differ from the Company's expectations include, without limitation, the impact of competitive products, any delay or failure in obtaining market acceptance for AVONEX(R) in Europe and in other new markets, unexpected events related to the Company's drug candidates, and the other risks and uncertainties associated with drug development and commercialization described in the Company's periodic reports filed with the Securities and Exchange Commission.
Biogen, Inc., headquartered in Cambridge, MA, is a biopharmaceutical company principally engaged in discovering and developing drugs for human healthcare through genetic engineering. The Company's revenues are generated from U.S. and European sales of AVONEX(R) (Interferon beta-1a) for treatment of relapsing forms of multiple sclerosis, and from the worldwide sales by licensees of a number of products, including alpha interferon and hepatitis B vaccines and diagnostic products. Biogen's research and development activities are focused on novel products for multiple sclerosis, inflammatory, respiratory, kidney and cardiovascular diseases and in developmental biology and gene therapy. For copies of press releases and additional information about the Company, please consult Biogen's Homepage on the World Wide Web at biogen.com. |
