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News > Companies
Biogen beats by a penny
October 10, 2000: 5:28 p.m. ET

Biotechnology bellwether posts 10 percent increase in 3Q profits
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NEW YORK (CNNfn) - Biotechnology firm Biogen Inc. reported a 10 percent increase in third-quarter earnings Tuesday, beating Wall Street estimates by a penny per share.

The Cambridge, Mass.-based maker of Avonex, a treatment for multiple sclerosis, posted net income of $68.4 million, or 44 cents per diluted share, up from $62.0 million, or 39 cents per share, in the year-earlier third quarter.

The company was expected to earn 43 cents per share, according to the First Call consensus estimate.

Revenue rose 12 percent to $233.8 million.

graphicThe results were released after Tuesday's market close. Prior to the earnings report, Biogen (BGEN: Research, Estimates) stock slipped $2.31, or 4.3 percent, to $51.50.

For the first nine months of the year, earnings totaled $261.8 million, or $1.69 per share, up from $151.1 million, or 96 cents per share, in the year-earlier period. Revenue totaled $681.1 million, from $569.1 million in the 1999 period. Back to top

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