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BIOGEN REPORTS YEAR-TO-DATE EARNINGS OF $0.82 PER SHARE ON REVENUES OF $110.6 MILLION

 CAMBRIDGE, Mass., Oct. 27 /PRNewswire/ -- Biogen, Inc. (NASDAQ: BGEN) today reported that revenues for the third quarter ended Sept. 30, 1993, were $37.3 million, compared to revenues of $40.6 million for the third quarter of 1992. Net income and earnings per share for the quarter were $11.3 million and $0.33 respectively, compared to $11.1 million and $0.33 for the prior year's quarter. For the nine months ended Sept. 30, 1993, revenues were $110.6 million and net income was $28.2 million, with earnings per share of $0.82, as compared to revenues of $80.6 million, net income of $12.6 million and earnings per share of $0.37 for the same period last year.
 Biogen Chairman Jim Vincent stated, "Third quarter results were in line with our previous statements that revenues and earnings would be down in the second half of 1993, vs. the same period in 1992. As anticipated, this was due to one-time events associated with our licensed products, Intron(R) A alpha interferon sold by Schering-Plough and hepatitis B vaccines sold by SmithKline Beecham and Merck, that occured in 1992. The current quarter, as well as our year-to-date results, reflect the continued strong sales of these products from the base established in the second half of 1992 following these one-time events."
 "In addition to our continued financial health, we are extremely pleased with the progress of our clinical trial programs," continued Vincent. "Our two lead proprietary procucts, Hirulog(TM) and beta interferon, continue to make progress through Phase II and III trials. Our inflammation and AIDS programs also are continuing to show promise and we are looking forward to initiating clinical trials for these products."
 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.
 Financial Results For The Third Quarter 1993
 (amounts in thousands, except per share data)
 Three-months ended Nine-months ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Revenues
 Royalties and product
 sales $33,942 $37,489 $101,196 $70,679
 Research and
 development contracts --- 400 --- 1,500
 Interest 3,363 2,714 9,384 8,451
 Total revenues 37,305 40,603 110,580 80,630
 Expenses
 Cost of sales 2,841 2,946 9,281 5,157
 Research and development 18,755 16,307 50,860 44,599
 General and
 administrative 4,229 4,824 13,033 12,872
 Other (125) 4,936 7,307 4,753
 Total expenses 25,700 29,013 80,481 67,381
 Income before inc. taxes 11,605 11,590 30,099 13,249
 Income taxes 330 450 1,920 630
 Net income $11,275 $11,140 $28,179 $12,619
 Earnings per share of
 common stock 33 cents 33 cents 82 cents 37 cents
 Average number of shares
 outstanding 34,337 33,984 34,548 33,784
 -0- 10/27/93
 /CONTACT: Kathryn R. Bloom, director of communications, 617-252-9851 (media), Michelle A. Payette, communications assistant, 617-252-9837 (media); or Amy S. Hedison, director of investor relations, 617-252-9873 (investment community), all of Biogen/
 (BGEN)


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

DJ-CM -- NE015 -- 7375 10/27/93 13:47 EDT
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Publication:PR Newswire
Date:Oct 27, 1993
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