Biogen Reports Third Quarter 2000 Results

11-Oct-2000

CAMBRIDGE, Mass., Oct. 10 Biogen, Inc. (Nasdaq: BGEN) today reported financial results for the third quarter of 2000. For the three months ended September 30, 2000, the Company reported net income of $68,381,000, an increase of 10 percent compared to the same period in 1999, resulting in $0.44 per share. Revenues for the quarter were $233,754,000, up 12 percent over the third quarter of last year. James C. Mullen, Biogen's President and Chief Executive Officer, said, "With its proven results and broad-based efficacy, AVONEX(R) remains the worldwide drug of choice among people with multiple sclerosis (MS) and their physicians. This quarter, we saw global product revenue growth of 18 percent year-over-year. "More than 93,000 patients worldwide now use AVONEX. It is the only MS treatment that has demonstrated proven results across a broad range of meaningful clinical measures. As we learn more about AVONEX, the unique benefits it brings to people with MS expand. At the end of September, our landmark CHAMPS trial was published in the New England Journal of medicine, showing that early treatment with AVONEX significantly reduced the rate at which individuals at high-risk for MS develop clinically definite multiple sclerosis (CDMS). Treatment with AVONEX in this group of patients reduced the rate of development of CDMS by 44 percent versus treatment with placebo and reconfirmed the significant effect on brain inflammation, with a 91 percent reduction in the volume of MRI lesions. We are now in the process of a global registration for this additional indication. "In addition, the positive results seen in primary progressive MS, a very aggressive form of the disease, are very encouraging. These results, combined with the effects previously seen with AVONEX in slowing the decline in physical and cognitive abilities, reducing relapse rate, and slowing the atrophy of brain tissue, clearly distinguish AVONEX from other therapies available for this debilitating disease. "We continue with aggressive development of our pipeline products. We completed accrual for the Phase III trial of AMEVIVE(TM) months ahead of schedule, and if all goes well we are on track to file for regulatory filing in the second half of 2001. These Phase II data show that AMEVIVE is the first disease-modifying agent for the treatment of psoriasis that has a long duration of effect and is well tolerated. phase III studies are ongoing to further demonstrate the efficacy and safety of AMEVIVE in this population. We also expect to bring three new programs into the clinic next year: ADENTRI(TM) for acute and chronic congestive heart failure, LT beta-receptor for autoimmune diseases, and interferon beta gene therapy for glioma. In addition, we expect to begin Phase III trials of ANTEGREN(R) in MS and Crohn's disease in the second half of next year, pending successful completion of the Phase II trials. "During the past quarter, we intensified our investment in the important new platform technology of genomics and expanded our long-term pipeline capabilities and basic research programs with several collaborative agreements. These include the Elan collaboration, a multi-year research and development collaboration with Eos Biotechnology in the area of breast cancer, and a multi-product gene-therapy development and commercialization collaboration with Targeted Genetics."

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