BIOGEN REPORTS FIRST QUARTER EARNINGS OF 2 CENTS PER SHARE
CAMBRIDGE, Mass., April 10 /PRNewswire/ -- Biogen, Inc. (NASDAQ: BGEN) today reported net income of $814,000 or 2 cents per share for the three months ended March 31, 1992. Revenues for the quarter were $19,122,000. For the first quarter last year, the company reported net income after preferred dividends of $1,409,000 or 5 cents per share, based on revenues of $18,065,000.
Product-based revenues grew in excess of 10 percent over the first quarter of 1991 and accounted for 81 percent of total revenues in this year's first quarter. Research and development expenses increased by nearly 25 percent over the same period last year. The increased expenditures are largely being driven by the expansion of clinical trial programs and also reflect a charge of approximately $2 million related to the upgrade of Biogen's production facilities.
Jim Vincent, Biogen chairman and chief executive officer, remarked, "Biogen's current revenue stream shows continued potential for growth,
especially in the Intron(R) A and hepatitis B vaccine markets. Our strategy is to devote resources to aggressively developing our most promising compounds, particularly hirulog and beta interferon, in preparation for bringing them successfully to market."
Biogen, Inc., headquartered in Cambridge, Mass., is a biopharmaceutical company principally engaged in developing and manufacturing drugs for human healthcare through genetic engineering. The company's revenues are generated from the worldwide sales by licensees of five products, including alpha interferon and hepatitis B vaccines and diagnostic products. Biogen is focused primarily on developing and testing products for the treatment of cardiovascular disease, inflammatory diseases, AIDS and certain cancers.
Financial Results for First Quarter 1992
(amounts in thousands, except per share data)
Three months ended
Royalties and product sales $15,541 $14,120
Research & development
contracts 600 1,750
Interest 2,981 2,195
Total revenues 19,122 18,065
Cost of sales 872 768
Research & development 13,203 10,575
General & administrative 3,894 3,444
Other 249 323
Total expenses 18,218 15,110
Income before income taxes 904 2,955
Income taxes 90 80
Net income $814 $2,875
Preferred stock dividends --- $1,466
Earnings applicable to
common stock $814 $1,409
Earnings per share of
common stock 2 cents 5 cents
Average number of shares
outstanding 34,130 27,110
/CONTACT: Kathryn R. Bloom, director of communications, 617-252- 9851, or Amy D. Seltzer, director of investor relations, 617-252-9873, both of Biogen/
(BGEN) CO: Biogen, Inc. ST: Massachusetts IN: MTC SU: ERN
EG -- NE007 -- 7131 04/10/92 10:17 EDT