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BioTech Navigator Investment Newsletter - 1 00 News (Page 9)

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BioTech Navigator Investment Newsletter - 1 00 News
9
BioTech Sage Report, January 2000
Selected Balance Sheet Data Year Ends Dec 31
Selected Income Statement Year Ends Dec 31
Quarterly Income Statement
Biogen, Inc.
Q1 3-98
Q2 6-98
Q3 9-98
Q4 12-98
Revenue
EPS
114,472
.36
128,812
.20
145,904
.24
168,399
.54
Q1 3-99
Q2 6-99
Q3 9-99
Q4 12-99 (E)
Revenue
EPS
171,720
.58
188,929
.28
208,431
.39
210,000
.42
1998
1997
1996
Assets
Cash & Equivalent Assets
Marketable Securities
Total Current Assets
Net property, Plant and Equipment
Total Assets
25,445
491,469
694,144
182,551
924,715
70,358
369,730
596,066
174,492
813,825
62,032
259,349
435,754
165,323
634,572
Liabilities & Shareholders' Equity
Current Liabilities
Long Term Debt
Shareholders' Equity
Total Liabilities & Shareholders' Equity
135,089
56,960
718,613
924,715
123,883
61,846
536,293
813,825
81,810
62,254
484,370
634,572
1998
1997
1996
Revenue
Product Sales
Royalties
Total Revenue
394,863
162,724
557,587
239,988
171,921
411,909
78,202
181,502
259,704
Expenses
Cost of Sales
Research & Development
Selling, Gen. & Admin.
Total Expenses
74,509
177,228
115,211
366,948
50,188
145,501
90,098
285,787
28,525
132,384
73,632
234,541
Net Income
Earnings per Share
Shares outstanding (mil)
138,697
1.80
77,135
89,167
1.17
76,500
40,530
.55
73,221
toms that are related with this disease
that occur periodically. Secondly,
new and enhanced MRI techniques
demonstrated that the brain begins to
shrink as soon as two years from diag-
nosis for the MS patient. Clinical
data showed that in patients who took
Avonex, the shrinkage was reduced by
approximately 55 percent starting in
the second year. As a result, treating
MS patients is becoming more proac-
tive. In the US, the drug is growing at
an annual rate of about 50, even
though the drug is three plus years
into the marketing. The growth rate is
increasing instead of decelerating at
this point, and similarly in Europe.
Approximately 50 percent of the U.S.
market is penetrated and probably
somewhere in the range of 25 percent
of the European market. The estima-
tion of the size of the market globally
is about one million patients. So it's a
very healthy market situation even
though the Street may have different
opinions. Biogen intends to expand
further into the MS market through
its collaboration with Inhale Thera-
peutics to develop an inhaled formula-
tion of Avonex. In addition to MS,
Avonex is currently in eight clinical
trials for the treatment of glioma, pul-
monary fibrosis and additional indica-
tions of multiple sclerosis. Data from
several of these trials should be avail-
able by mid-2000.
On Biogen's product pipeline, at-
tention is currently focused on the
status of Amevive, the company's next
large commercial opportunity.
Amevive is expected to relieve the
anticipated deceleration of revenue
growth rates and propel Biogen into
in the early years of the millennium.
With the discontinuation of clinical
trials on Antova, increased emphasis
will be placed on the success of
Amevive.
Amevive is a T-cell inhibitor and
is the continuing royalties that Biogen
receives on certain drugs and Avonex
for multiple sclerosis . Avonex is the
largest drug in the MS category in
revenue and also in patients under
treatment. Consequently, it is the drug
of choice in this field. In addition new
research demonstrated that people
diagnosed with MS are actually expe-
riencing a high rate of axonal death,
meaning the connectors in the brain
that are directly related to brain activ-
ity are dying at a significant rate from
the beginning of time when a patient
is diagnosed. And it's going on con-
stantly unrelated to the external symp-
Turn to page 17, column 2

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