CAMBRIDGE, Mass., Feb. 11 /PRNewswire-FirstCall/ -- Biogen Idec
(Nasdaq: BIIB) today reported unaudited pro forma revenues for the fourth
quarter and full year 2003 (see attached tables for reconciliation of
unaudited GAAP revenues to unaudited pro forma combined revenues). Led
primarily by strong worldwide performances from AVONEX(R) (Interferon beta-1a)
and RITUXAN(R) (rituximab), Biogen Idec's unaudited pro forma total revenues
for 2003 rose 19 percent to $1.852 billion versus a comparable basis in 2002
of $1.553 billion. Unaudited pro forma combined revenues in the fourth
quarter increased 15 percent to $491 million versus a comparable basis in 2002
of $426 million.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031112/LAW121LOGO )
As a result of the merger, Biogen Idec will report GAAP results for the
fourth quarter and full year 2003 that include the consolidated results of a
full year of the former IDEC Pharmaceuticals Corporation and the 7 weeks of
post-merger activity of the former Biogen, Inc. Unaudited GAAP revenues for
the full year 2003 will exceed $679 million. In order to provide reasonably
comparable trend perspectives, pro forma information includes full quarter and
full year revenues, as if the two companies had been combined for the duration
of each period. The GAAP financial results will be provided for the fourth
quarter and full year 2003 on March 2, 2004.
James Mullen, Biogen Idec's Chief Executive Officer, stated, "We are
pleased to enter 2004 with excellent revenue momentum."
"This strong revenue growth once again underscores the strategic rationale
to the Biogen Idec merger," stated William Rastetter, Ph.D., Executive
Chairman of Biogen Idec. "With more 1,000 employees dedicated to research and
development, this revenue momentum will fuel our continued commitment to
pioneering new standards of care for patients."
About Biogen Idec
Biogen Idec creates new standards of care in oncology and immunology. As a
global leader in the development, manufacturing, and commercialization of
novel therapies, Biogen Idec transforms scientific discoveries into advances
in human healthcare. For product labeling, press releases and additional
information about the company, please visit http://www.biogenidec.com.
Safe Harbor
This press release contains forward-looking statements regarding expected
financial results for 2003. 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, the company's audited
financial results may be different from the results presented in this release.
For more detailed information on the risks and uncertainties associated with
these forward looking statements and the Company's other activities see the
periodic reports filed with the Securities and Exchange Commission by IDEC
Pharmaceuticals Corporation and Biogen, Inc. The Company does not undertake
any obligation to publicly update any forward-looking statements, whether as a
result of new information, future events, or otherwise.
Media Contact:
Tim Hunt
Director, Public Affairs
Biogen Idec
Tel: (617) 914-6524
Investment Community Contact:
Elizabeth Woo
Senior Director, Investor Relations
Biogen Idec
Tel: (617) 679-2812
Biogen Idec Inc
Revenues For The Fourth Quarter of 2003
Unaudited Combined Pro Forma Revenue
(in thousands)
The non-GAAP pro forma financial measure presented below is utilized by
Biogen Idec management to gain an understanding of the comparative revenue
performance of the Company. This non-GAAP financial measure may be useful in
including those non-GAAP activities or transactions that may be relevant to
obtaining an understanding of the trends of the Company or the prospects of
future performance.
Three Months Ended
December 31,
2003 2002
Unaudited Biogen
GAAP Revenue Pro Forma Pro Forma
Revenue Pre-merger Combined Combined
(a) (c) Revenue Revenue
REVENUES
Former Biogen, Inc.:
Avonex(R) $142,603 $167,513 $310,116 $256,267
Amevive(R) 9,356 7,984 17,340 -
Royalties 13,026 14,795 27,821 46,163
Contract 252 1,004 (b) 1,256 -
Total Biogen Revenues 165,237 191,296 356,533 302,430
Former IDEC Pharmaceuticals
Corporation:
Zevalin(R) 4,533 - 4,533 5,453
Revenues from unconsolidated
joint business (Rituxan(R)) 129,813 - 129,813 116,559
Corporate partner revenues 178 - 178 1,640
Total IDEC Revenues 134,524 - 134,524 123,652
Total Revenues $299,761 $191,296 $491,057 $426,082
(a) US GAAP includes revenue from the former Biogen, Inc. for the
period following the merger close of November 13, 2003 through
December 31, 2003 only and IDEC Pharmaceuticals Corporation for the
full year.
(b) Contract Revenue for Biogen Idec Inc. excludes any former Biogen,
Inc. and IDEC Pharmaceuticals Corporation collaboration revenues as
contract revenues between the parties are eliminated in consolidation
for the newly combined Company
(c) Represents former Biogen, Inc. revenue that would not be included
on a GAAP basis but is included on a pro forma non-GAAP basis for
comparative analysis.
Biogen Idec Inc
Revenues For The Full Year 2003
Unaudited Combined Pro Forma Revenue
(in thousands)
The non-GAAP pro forma financial measure presented below is utilized by
Biogen Idec management to gain an understanding of the comparative revenue
performance of the Company. This non-GAAP financial measure may be useful in
including those non-GAAP activities or transactions that may be relevant to
obtaining an understanding of the trends of the Company or the prospects of
future performance.
Twelve Months Ended
December 31,
2003 2002
Unaudited Biogen
GAAP Revenue Pro Forma Pro Forma
Revenue Combined Combined
(a) Pre-merger (c) Revenue Revenue
REVENUES
Former Biogen, Inc.:
Avonex(R) $142,603 $1,025,874 $1,168,477 $1,034,357
Amevive(R) 9,356 31,058 40,414 -
Royalties 13,026 115,234 128,260 114,007
Contract 252 1,004 (b) 1,256 -
Total Biogen Revenues 165,237 1,173,170 1,338,407 1,148,364
Former IDEC
Pharmaceuticals
Corporation:
Zevalin(R) 19,602 - 19,602 13,711
Revenues from
unconsolidated joint
business (Rituxan(R)) 493,049 - 493,049 385,809
Corporate partner
revenues 1,210 - 1,210 4,702
Total IDEC Revenues 513,861 - 513,861 404,222
Total Revenues $679,098 $1,173,170 $1,852,268 $1,552,586
(a) US GAAP includes revenue from the former Biogen, Inc. for the
period following the merger close of November 13, 2003 through
December 31, 2003 only and IDEC Pharmaceuticals Corporation for the
full year.
(b) Contract Revenue for Biogen Idec Inc. excludes any former Biogen,
Inc. and IDEC Pharmaceuticals Corporation collaboration revenues as
contract revenues between the parties are eliminated in consolidation
for the newly combined Company
(c) Represents former Biogen, Inc. revenue that would not be included on a
GAAP basis but is included on a pro forma non-GAAP basis for
comparative analysis.
SOURCE Biogen Idec
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http://www.biogen.com
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CONTACT:
Media Contact: Tim Hunt, Director, Public
Affairs, +1-617-914-6524, or Investment Community Contact:
Elizabeth Woo, Senior Director, Investor Relations,
+1-617-679-2812, both of Biogen Idec
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