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Avonex gives Biogen a high
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September 15, 1999: 5:46 p.m. ET
Company expects higher 3Q revenues and profits as orders soar for MS drug
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NEW YORK (CNNfn) - Biogen Inc. raised its third-quarter earnings estimate after the bell Wednesday after disclosing higher-than-expected orders for its popular drug used to treat multiple sclerosis.
The Cambridge, Mass.-based biopharmaceutical company now expects to earn 38 cents per share during the quarter ended Sept. 30, 1999. Industry analysts were expecting profits of 36 cents per share, according to research firm First Call Corp.
Biogen officials said prescription orders for its Avonex drug have resulted in "higher than anticipated" product revenues of $160 million for the quarter.
Avonex treats relapsing forms of multiple sclerosis and has been the company's main revenue source since it was first distributed in 1996.
Jim Vincent, Biogen's chairman and chief executive, said the company plans to reinvest much of its top-line growth "back into our core drug development business." Research and development expenditures in 2000 are expected to total roughly $300 million, he said.
Biogen shares closed the day down 3-1/4 to 84-1/8, however the stock rebounded in after-hours trading, climbing 1-3/8 to 85-1/2.
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Biogen Inc.
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