SAN FRANCISCO, Jan. 7 /PRNewswire-FirstCall/--
Biogen, Inc. (Nasdaq: BGEN) Chairman and Chief Executive Officer James Mullen
today outlined the company's strategy to reach an average earnings growth rate
of 20 percent over the next three years. Mr. Mullen's remarks were presented
at the J.P. Morgan H&Q 21st Annual Healthcare Conference.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990824/BIOLOGO )
The presentation highlighted Biogen's overall strategy for long-term
growth, financial targets and profile for 2005. Mr. Mullen also discussed
Biogen's progress towards diversifying the company's sources of product
revenue. Currently, Biogen markets AVONEX(R) (Interferon beta-1a), the
world's leading therapy for relapsing forms of multiple sclerosis (MS).
AVONEX revenues exceeded $1 billion in 2002. The company expects the U.S.
Food and Drug Administration to approve AMEVIVE(R) (alefacept) in the first
quarter of 2003. In addition, ANTEGREN(R) (natulizumab), which Biogen is
developing with Elan Corporation, is currently in Phase 3 clinical trials for
MS and Crohn's disease. The results of ANTEGREN's Phase 2 clinical trials
were recently published in the New England Journal of Medicine. Finally, Mr.
Mullen outlined Biogen's strategy for expanding the company's neurology and
dermatology franchises by 2005 through additional commercial collaborations
that will leverage Biogen's global infrastructure.
In his presentation, Mr. Mullen concluded, "Our goal is to grow revenues
over the next three years to $2 billion. We expect Biogen's net margin will
increase to 22 to 25 percent by 2005 as a result of improved operating
margins. When you combine these two factors, they drive Biogen to an earnings
growth rate averaging about 20 percent over the next few years."
To access the live webcast at 4:30 pm (PST), please visit Biogen's
homepage, http://www.biogen.com. An archived webcast will be available for 30 days
following the presentation.
2003 guidance will be provided on the year-end earnings conference call
scheduled for January 28, 2003 at 8:30 am EST.
FORWARD LOOKING STATEMENTS/ SAFE HARBOR
This press release contains forward-looking statements regarding expected
future financial results, anticipated regulatory approval of AMEVIVE, and
implementing pipeline and in-licensing strategies in the neurology and
dermatology franchises.
These statements are based on the Company's current beliefs and
expectations. A number of risks and uncertainties could cause actual results
to differ materially. For example, financial results, including revenues and
earnings growth and improved operating margins, may be affected by the impact
of competitive products on AVONEX sales, any slowing of growth of the multiple
sclerosis market, any change in market acceptance of AVONEX in key markets
worldwide, any unanticipated increase in expenses including in the areas of
research and development and sales and marketing, the impact of litigation and
patent-related events, and in-licensing and product opportunities. Approval
and commercial launch of AMEVIVE is subject to the Company's ability to work
with FDA to adequately address questions and provide the clarification and
information requested by the FDA during its review of AMEVIVE. The potential
for AMEVIVE and the Company's pipeline are also subject to the risks inherent
in drug development, including the risk of unexpected new data or information,
unexpected technical or manufacturing issues, intellectual property disputes
and the ability to enter into agreements with third parties on acceptable
terms. Drug development involves a high degree of risk. Only a small number
of research and development programs result in the commercialization of a
product. Success in early stage clinical trials does not ensure that later
stage or larger scale clinical trials will be successful.
For more detailed information on the risks and uncertainties associated
with these forward looking statements and the Company's other activities see
the Outlook section in MD&A of the Company's Annual Report on Form 10-K and
quarterly reports on Form 10-Q filed with the Securities and Exchange
Commission. The Company does not undertake any obligation to publicly update
any forward-looking statements.
About Biogen
Biogen is the world's oldest independent biotechnology company and a
leader in biologics research, development and manufacturing. A pioneer in
leading edge research in immunology, neurobiology and oncology, Biogen brings
novel therapies to improve patients' lives around the world through its global
marketing capabilities. For press releases and additional information about
the company, please visit http://www.biogen.com.
Media Contact:
Tim Hunt
Director, Public AffairsBiogen, Inc.
Tel: (617) 914-6524
Investment Community Contact:
Elizabeth Woo
Senior Director, Investor Relations
Biogen, Inc.
Tel: (617) 679-2812
SOURCE Biogen, Inc.
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