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

To: Bwe who wrote (689)	7/8/1998 5:21:00 PM
From: Hong-Lee Yu	Respond to of 1686

I believe that we will see BGEN reach 60 very soon if Avonex sales reach 85+M (which I think it will). Recently BGEN fundamentals have been improved dramatically with renewed growth of Avonex both in Europe and USA (7000 new patients in Q2), extended and growing royalty and strong pipelines. Even with the recent gain, BGEN still trade about 22 against 1999 earnings, less than its growth rate (25%+)

To: Bwe who wrote (689)	7/9/1998 8:26:00 PM
From: Harold Engstrom	Respond to of 1686

Bruce, Hong-Lee Yu, V1, and everyone! I listened to the conference call at 5pm. It was the first conference call where Biogen was not grilled by the analysts. It was very congenial. The numbers pretty much speak for themselves - $87MM+ in Avonex sales, and increased royalties. Earnings were just over or at consensus. Jim Tobin said that Biogen shipped in big quantities over the past several days in July, meaning that the company perhaps could have recorded even more sales in Q2, but these are deferred to Q3 now. The pipeline progress was right where they said it would be. CVT-124, VLA-4, 5C8, and LFA3TIP all moving through the clinic. Nothing really different to report since the annual meeting a couple of weeks ago. But, the atmosphere was very confident. There was some discussion (no detail) about Biogen's gene therapy program - Jim Tobin was very confident again, but didn't want to say anything specific. All in all everyone acted like the conference call was a happy formality.