BIOGEN REPORTS FOURTH QUARTER AND 1991 RESULTS
BIOGEN REPORTS FOURTH QUARTER AND 1991 RESULTS CAMBRIDGE, Mass., Jan. 15 /PRNewswire/ -- Biogen, Inc.
(NASDAQ: BGEN) today reported financial results for the year and quarter ending Dec. 31, 1991.
For the three months ending Dec. 31, 1991, the company reported revenues of $17,601,000 compared to revenues in the same quarter of 1990 of $16,128,000. For the full year, Biogen reported its third consecutive profitable year with earnings per share of 15 cents after preferred dividends, compared to 7 cents per share in 1990. Total revenues were $69,577,000 for 1991 which represent a 17 perent increase over the prior year. Royalty revenues, which were 81 percent of revenues, grew 26 percent over last year. Biogen's revenues continue to reflect significant royalites from the worldwide sales of alpha interferon Intron A(R) and the company's various hepatitis B products. The company expects additional growth once Intron A is approved for treating chronic hepatitis B patients. Royalties from the sales of hepatitis B diagnostics and vaccines also increased, with additional growth anticipated due to the recently announced formal recommendation from the Centers for Disease Control for universal childhood immunization against hepatitis B. Jim Vincent, Biogen chairman and chief executive officer, commented, "1991 was an important year for Biogen as the efforts that we have put into the development of our proprietary products have begun to produce significant results. Both of our proprietary drugs, hirulog and beta interferon, made significant progress in the clinic. Hirulog, which has been undegoing Phase II testing for several cardiovascular indications, has demonstrated excellent efficacy and safety profiles in trials involving over 500 patients. We also remain optimistic about beta interferon," Vincent continued, "which is in Phase II clinical trials for a number of indications, including hepatitis B and C, as well as Phase III multi-center trial for multiple sclerosis." "1992 will be a critical year for Biogen as we embark upon the largest clinical program in the company's history," Vincent concluded. "Hirulog will enter Phase III clinical trials, numerous Phase II beta trials will be completed and we will be preparing to move a product candidate from our inflammation program in diet clinics. Biogen, Inc., headquartered in Cambridge, Mass., is a biopharmaceutical company principally engaged in developing and manufacturing drugs for human health care through genetic engineering. The company's revenues are generated from the worldwide sales by licensees of five products, including alpha interferon, hepatitis vaccines and hepatitis diagnostic products. Biogen is focused primarily on developing and testing products for the treatment of cardiovascular disease, inflammatory diseases, AIDS, and certain cancers. BIOGEN, INC. Financial Results for the Fourth Quarter and Full Year 1991: (Amounts in thousands, except per share data) Three Months Ended Year Ended 12/31/90 12/31/91 12/31/90 12/31/91 Revenues: Royalties and product sales $13,238 $14,698 $44,920 $56,477 Research & development contracts 553 750 5,145 4,965 Interest 2,337 2,153 9,350 8,135 Total revenues 16,128 17,601 59,415 69,577 Expenses: Cost of sales 822 1,384 3,020 4,033 Research & development 9,001 11,929 36,158 44,292 General & admin. 2,484 3,639 10,109 14,328 Other 1,122 (353) 2,118 (522) Total expenses 13,429 16,599 51,405 62,131 Income before income taxes 2,699 1,002 8,010 7,446 Income taxes 124 --- 290 260 Net Income $2,575 $1,002 $7,720 $7,186 Preferred dividends $1,467 --- $5,865 $2,679 Net income available to common $1,108 $1,002 $1,855 $4,507 Net income per share 4 cents 3 cents 7 cents 15 cents Average number of shares outstanding 26,043 33,225 25,430 29,964 -0- 1/15/92R /CONTACT: Amy D. Seltzer of Biogen, 617-252-9200/ (BGEN) CO: Biogen, Inc. ST: Massachusetts IN: MTC SU: ERN
SH -- NE010R -- 0169 01/15/92 16:25 EST
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|Date:||Jan 15, 1992|
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