Lawrence C. Best, Eckhard Pfeiffer, and Alan K. Simpson Re-Elected as
Directors
Management Proposals Approved By Shareholders
2003 Full-Year Guidance Reconfirmed
CAMBRIDGE, Mass., June 6 /PRNewswire-FirstCall/ --
Biogen, Inc. (Nasdaq: BGEN) Chairman and Chief Executive Officer James C.
Mullen today reviewed the Company's major accomplishments and events of 2002-
2003 at the Company's annual meeting.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990824/BIOLOGO )
Biogen shareholders voted to re-elect three current members of the Biogen
Board of Directors to serve a three-year term ending in 2006. The re-elected
Directors are Lawrence C. Best, Eckhard Pfeiffer, and Alan K. Simpson. In
addition, shareholders voted to ratify PricewaterhouseCoopers LLP as Biogen's
independent accountants for the fiscal year ending December 31, 2003; to
approve Biogen's 2003 Omnibus Equity Plan; to approve the Company's
Performance Based Management Incentive Plan; and to approve an amendment to
the 1983 Employee Stock Purchase Plan to increase the number of shares
available for issuance.
In addition, Mr. Mullen reconfirmed Biogen's full-year 2003 guidance
announced on April 17, 2003. At that time, he said Biogen expects 2003
revenue growth in the mid-teens and earnings per share in the range of $1.72
to $1.85. He reiterated previous guidance that he expects quarterly earnings
to be uneven during 2003 as the Company continues to drive the U.S. launch of
AMEVIVE(R) (alefacept) and Phase 3 clinical trials of ANTEGREN(R)
(natalizumab).
"2003 is unfolding as we planned," said Mr. Mullen. "AMEVIVE was launched
in Q1, AVONEX(R) (Interferon beta-1a) is competing well, and the ANTEGREN
program is on schedule. We are very focused on continuing to advance and
improve the pipeline and we are beginning to see the payoff from our
investments over the past three years. As a consequence, I expect earnings to
begin growing faster than revenues."
Mr. Mullen noted that, as discussed in Schering-Plough Corporation's May
13, 2003 announcement, sales of Intron(R) A (alpha interferon) were reduced in
the first quarter of 2003 due primarily to reductions in trade inventory
levels. As a result, Biogen believes that full-year royalty revenue will be
at the low end of the guidance range. Biogen anticipates this will be offset
by the strong performance of AVONEX.
At the meeting, presenters explained that physician and patient adoption
of AMEVIVE is on track. At the end of May, approximately 1,200 physicians
have initiated more than 4,200 patients into the process of insurance
verification. The Company has previously said it expects acceleration of
sales in the second half of 2003 as more patients start therapy, the
reimbursement process develops, and physicians and patients become more
familiar with AMEVIVE.
The progress of ANTEGREN, which is being developed with Biogen's partner
Elan Corporation, was also discussed. ANTEGREN is being tested in more than
3,000 multiple sclerosis and Crohn's disease patients. Results of the Crohn's
disease trial will be announced later this summer.
Guidance for full-year 2003 reported earnings per share, which is the most
comparable GAAP-based financial measure to operating earnings per share, is
not currently accessible as the Company cannot predict with any certainty the
nature or the amount of non-operating or unusual charges for subsequent
quarters. The Company does, however, anticipate that it may have to take such
charges in subsequent quarters and that such charges, if material, would cause
reported earnings per share to differ from operating earnings per share.
SAFE HARBOR
This press release contains forward-looking statements regarding expected
future financial results. 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 future sales, revenues, revenue and earnings growth, earnings per
share, and expenses, may be affected by any slowing of growth of the multiple
sclerosis market, any change in market acceptance of AVONEX in key markets
worldwide, the Company's ability to achieve market acceptance of AMEVIVE and
to successfully launch AMEVIVE in the U.S., the impact of reimbursement and
pricing decisions related to the Company's products, the impact of competitive
products on AVONEX and AMEVIVE sales, the impact of litigation, any
unanticipated increase in expenses including in the areas of research and
development and sales and marketing, and in-licensing and product
opportunities. 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 Affairs
Biogen, Inc.
(617) 914-6524
Investment Community Contact:
Christina Dillon
Manager, Investor Relations
Biogen, Inc.
(617) 679-2812
SOURCE Biogen, Inc.
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http://www.biogen.com
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CONTACT:
Tim Hunt, Director, Public Affairs,
+1-617-914-6524, or Christina Dillon, Manager, Investor
Relations, +1-617-679-2812, both of Biogen, Inc.
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