Biogen lowers guidance

BGEN again revised its EPS and revenue guidance for the second quarter and full year, citing inventory adjustments by U.S. wholesalers for its Avonex multiple sclerosis drug and soft growth of the U.S. MS market. For the second quarter, BGEN now expects U.S. Avonex revenues of $170-$180 million, which is $20 million lower than previously expected. Second quarter EPS are expected to come in at $0.28-$0.32, a $0.09 drop from prior expectations.

For the year, BGEN expects U.S. Avonex sales of $730-$755 million and worldwide Avonex sales growth of 6-10%. BGEN anticipates 2002 operating EPS of $1.50-$1.60. BGEN was off $5.54 (12%) to $42.16 on 15 million shares on Friday. ...