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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (6497)	6/7/2002 8:06:40 AM
From: aknahow	Respond to of 52153

BGEN news should dominate today and it is not good. No real reason for other biotech stocks to tank on BGEN news but they will. Friday June 7, 7:27 am Eastern Time Reuters Company News Biogen slashes profit forecast for 2nd quarter, year NEW YORK, June 7 (Reuters) - Biogen Inc. (NasdaqNM:BGEN - News) on Friday said its earnings for the second quarter and full year will be lower than expected amid slower sales of its flagship multiple sclerosis drug Avonex. Biogen, based in Cambridge, Massachusetts, said it expects sales of Avonex to be between $170 million and $180 million in the second quarter, about $20 million less than previously forecast. The decline in Avonex sales will cut its earnings by 9 cents a share for the second quarter, to between 28 cents and 32 cents a share, the company said. Analysts had expected earnings of 40 cents a share, down from 47 cents a year earlier, according to Thomson First Call. For the full year, the company said it expects Avonex revenue of $730 million to $755 million. The company said in April it expected 2002 Avonex sales of $1.1 billion, and royalties of $75 million to $85 million. The company said it expects operating earnings for the full year of $1.50 to $1.60 per share. Analysts had expected $1.72 a share, down from $1.90 in 2001.