Printer Friendly

BIOGEN REPORTS FOURTH QUARTER AND 1992 RESULTS

 CAMBRIDGE, Mass., Jan. 20 /PRNewswire/ -- Biogen, Inc. (NASDAQ: BGEN) today reported financial results for the year and quarter ending Dec. 31, 1992.
 For the three months ending Dec. 31, 1992, the company reported revenues of $54,484,000, compared to revenues in the same quarter of 1991 of $17,601,000. Earnings per share for the quarter were 75 cents, as compared to 3 cents for the comparable quarter last year. For the full year, Biogen reported its fourth consecutive profitable year with earnings per share of $1.12, compared to 15 cents per share after preferred dividends in 1991. Total revenues were $135,114,000 for 1992, up 94 percent over 1991.
 In 1992, licensee sales of Biogen products increased from $700 million to $1.3 billion, primarily due to dramatically higher sales by licensees of hepatitis B products and Intron(R) A alpha interferon.
 Last week, the company announced that it had received a notice of patent allowance for Hirulog(tm), its lead proprietary cardiovascular compound, and disclosed plans to begin a Phase III clinical trial of Hirulog in angioplasty.
 Jim Vincent, Biogen's chairman and chief executive officer, commented, "We are very pleased with our financial performance in 1992, as the results were in line with our previously announced expectations. Licensees sales were very strong in the fourth quarter, continuing a trend that began in mid-year 1992. In addition, our fourth quarter results included $14 million of royalties attributable to licensees sales that occurred in the previous quarter. Consequently, as we look ahead to 1993, we expect fluctuating earnings on a quarterly basis at levels significantly below 1992 fourth quarter results."
 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, certain cancers and viruses.
 BIOGEN INC.
 Financial Results For The Fourth Quarter And Full Year 1992
 (amounts in thousands, except per share data)
 Three-months ended Year ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Revenues
 Royalties and product
 sales $51,035 $14,698 $121,714 $56,477
 Research and
 development contracts 535 750 2,035 4,965
 Interest 2,914 2,153 11,365 8,135
 Total revenues 54,484 17,601 135,114 69,577
 Expenses
 Cost of sales 4,227 1,384 9,384 4,033
 Research and development 15,800 11,929 60,399 44,292
 General and
 administrative 4,113 3,639 16,985 14,328
 Other 3,662 (353) 8,415 (522)
 Total expenses 27,802 16,599 95,183 62,131
 Income before income taxes 26,682 1,002 39,931 7,446
 Income taxes 990 --- 1,620 260
 Net income 25,692 1,002 38,311 7,186
 Preferred dividends --- --- --- 2,679
 Net income available to
 common $25,692 1,002 $38,311 $4,507
 Net income per share 75 cents 3 cents $1.12 15 cents
 Average number of shares
 outstanding 35,441 33,225 34,198 29,964
 -0- 1/20/93
 /CONTACT: Kathryn R. Bloom (media), 617-252-9851 or Amy S. Hedison (investment community), 617-252-9873, both of Biogen, Inc./
 (BGEN)


CO: Biogen, Inc. ST: Massachusetts IN: MTC SU: ERN

DD -- NE011 -- 6976 01/20/93 14:30 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 20, 1993
Words:580
Previous Article:CITIZENS FINANCIAL GROUP REPORTS 127 PERCENT EARNINGS INCREASE, FURTHER REDUCTION IN BAD LOANS, CONTINUING CAPITAL STRENGTH
Next Article:STERLING BANCSHARES CORPORATION DECLARES QUARTERLY DIVIDEND
Topics:


Related Articles
BIOGEN REPORTS FOURTH QUARTER AND 1991 RESULTS
SYNTEX ESTIMATES FOURTH QUARTER RESULTS
BIOGEN REPORTS THIRD QUARTER EARNINGS OF 33 CENTS PER SHARE
BIOGEN REPORTS YEAR-TO-DATE EARNINGS OF $0.82 PER SHARE ON REVENUES OF $110.6 MILLION
BIOGEN REPORTS FOURTH QUARTER AND 1993 RESULTS
BIOGEN REPORTS $25 MILLION CHARGE TO EARNINGS IN Q3
BIOGEN REPORTS REVISED FOURTH QUARTER AND 1994 RESULTS
BIOGEN REPORTS FIRST QUARTER RESULTS
BIOGEN REPORTS FOURTH QUARTER AND 1995 RESULTS
Biogen Reports First Quarter 1997 Results And Commencement Of New Clinical Trials

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters