Biogen beats Street EPS

BGEN reported second quarter EPS of $0.47, beating the Street consensus by a penny. Product revenues for the quarter were $243 million, representing a 28% increase in sales of its multiple sclerosis drug Avonex inteferon beta-1a over the second quarter of last year. BGEN CFO Peter Kellogg said in the U.S. "Avonex's market share has remained in the upper 50s over the past year and this year's first half results indicate a slight share increase versus the second half of 2000." In Europe, Kellogg sai,d "Avonex continues to accelerate even when sold head-to-head against all therapies," which include beta interferons Rebif from Serono (SRA; SWX:SEO) and and Betaseron from Schering (SHR). However, he said "We're all very close in market share."

The company also reported total revenue for the quarter, including royalties, of $261 million, up 13% compared to the same period in 2000. BGEN said it expects earnings for 2001 of $1.90-$1.92, which includes the balance of 2001 development costs for the LFA-1 antagonists partnership announced Monday with Icos (ICOS) (see BioCentury Extra, Monday July 16). ...