EARNINGS RELEASE FOLLOWS:
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Thursday October 7, 4:06 pm Eastern Time
Company Press Release
SOURCE: Biogen, Inc.
Biogen Reports Third Quarter 1999 Results
AVONEX(R) Prescription Growth Drives Earnings Increase
CAMBRIDGE, Mass., Oct. 7 /PRNewswire/ -- Biogen, Inc. (Nasdaq: BGEN -
news) today reported financial results for the third quarter of
1999. For the three months ended September 30, 1999, the Company
reported net income of $62,029,000 or $0.39 per diluted share; this
represents an increase in net income of 65 percent over the third
quarter of 1998. Revenues for the quarter were $208,431,000, an
increase of 43 percent over the third quarter of 1998. For the third
quarter of last year, the Company reported net income of $37,565,000
or $0.24 per diluted share, based on revenues of $145,904,000.
( Photo: NewsCom: newscom.com )
Jim Vincent, Biogen's Chairman and CEO, said, ''AVONEX® is the
world's leading therapy for treatment of multiple sclerosis, and the
increase in revenues has been driven largely by patient growth
worldwide. The number of AVONEX® patients has increased by more than
7,000 this quarter, and the total number of patients worldwide,
including the U.S., now well exceeds 75,000. This records another
quarter of AVONEX® patient growth in worldwide sales of more than 50
percent, year over year, more than three years after introducing the
drug. AVONEX® is the treatment of choice among MS patients and
physicians.
''During the quarter, we also made considerable progress on our
clinical pipeline. Trials with ANTOVA(TM) are now running in six
indications, including multiple sclerosis, further demonstrating our
commitment to the MS marketplace. We are proceeding aggressively to
begin Phase III registrational studies with AMEVIVE(TM) in North
America and Europe, and we will be announcing Phase II data in
December at the ''Psoriasis: From Gene to Clinic'' meeting in London.
''We also have initiated a facilities expansion program in excess of
$300 million. We recently broke ground on our new Research and
Development building in Cambridge, Massachusetts, and began
construction of our large- scale manufacturing plant in Research
Triangle Park, North Carolina. In addition, we are gearing up for
construction of a packaging plant in The Netherlands. This represents
our first European manufacturing project.''
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. These statements are based on the
Company's current beliefs and expectations as to such future
outcomes. Drug development and commercialization involve a high
degree of risk. Reference is made to the risks and uncertainties
described in the Company's periodic reports filed with the Securities
and Exchange Commission.
Biogen, Inc., winner of the 1998 U.S. National Medal of Technology,
is a biopharmaceutical company principally engaged in discovering and
developing drugs for human healthcare through genetic engineering.
Headquartered in Cambridge, MA, the Company's revenues are generated
from worldwide sales of AVONEX® 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 www.biogen.com.
AVONEX® (Interferon beta-1a) is a registered trademark of Biogen,
Inc. ANTOVA(TM) (Humanized Anti-CD40 Ligand mAb/5c8) and AMEVIVE(TM)
(Recombinantly Engineered LFA-3/IgG1 Human Fusion Protein) are
trademarks of Biogen, Inc. AVONEX® is approved in the U.S. and in
most other countries around the world for the treatment of relapsing
forms of multiple sclerosis.
Financial Results For The Third Quarter of 1999
Condensed Consolidated Statements Of Income
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
REVENUES
Product $163,448 $107,492 $440,620 $270,665
Royalties 44,983 38,412 128,460 118,523
Total Revenues 208,431 145,904 569,080 389,188
EXPENSES
Cost of sales 28,498 19,513 80,329 51,557
Research and
development 58,958 49,083 160,886 128,338
Selling, general &
administrative 36,484 27,011 107,344 81,495
Total Expenses 123,940 95,607 348,559 261,390
Income from Operations 84,491 50,297 220,521 127,798
Other income 8,092 5,685 5,006 18,846
INCOME BEFORE
INCOME TAXES 92,583 55,982 225,527 146,644
Income taxes 30,554 18,417 74,426 49,859
NET INCOME $62,029 $37,565 $151,101 $96,785
BASIC EARNINGS PER SHARE $0.41 $0.25 $1.01 $0.66
DILUTED EARNINGS PER
SHARE $0.39 $0.24 $0.96 $0.63
SHARES USED IN CALCULATING:
BASIC EARNINGS PER
SHARE 150,108 147,564 149,851 147,659
DILUTED EARNINGS
PER SHARE 158,198 154,516 157,768 153,917
Condensed Consolidated Balance Sheets
(in thousands)
Sept. 30, 1999 Dec. 31, 1998
ASSETS
Current Assets
Cash and marketable
securities $672,640 $516,914
Accounts receivable, net 129,863 101,281
Other current assets 77,003 75,949
Total current assets 879,506 694,144
Property and equipment,
net 208,443 182,551
Other assets 52,051 48,020
$1,140,000 $924,715
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities $124,770 $135,089
Long term debt & liabilities 69,251 71,013
Shareholders' equity 945,979 718,613
$1,140,000 $924,715
SOURCE: Biogen, Inc.
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Steve
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