CAMBRIDGE, Mass., Oct. 27 /PRNewswire-FirstCall/ -- Biogen Idec Inc.
(Nasdaq: BIIB), the world's third largest biotech company with leading
products and capabilities in oncology and immunology, today reported its third
quarter 2004 results.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031112/LAW121LOGO )
Third Quarter Highlights
* Revenues were $543 million vs. prior year (adjusted pro forma of $477
million, an increase of 14%), driven primarily by AVONEX(R) (Interferon
beta-1a) sales up 16% (adjusted pro forma) to $346 million and
RITUXAN(R) (rituximab) co-promotion profits up 19% to $160 million.
* On a GAAP basis, earnings per share (EPS) were $0.10; excluding merger-
related accounting impacts and other non-operating charges, adjusted
pro forma (non-GAAP) EPS were $0.37.
* Elan and Biogen Idec announced that the companies have submitted an
application to the European Medicines Agency for approval of
ANTEGREN(R) (natalizumab) as a treatment for Crohn's disease.
* Sunesis Pharmaceuticals, Inc. and Biogen Idec announced a collaboration
to discover and develop small molecule cancer therapeutics targeting
kinases, a family of cell signaling enzymes that play a major role in
the progression of cancer.
* ImmunoGen, Inc. and Biogen Idec announced that Biogen Idec has licensed
exclusive rights to develop and commercialize anti-cancer therapeutics
that comprise an antibody developed by Biogen Idec to an undisclosed
tumor cell target and ImmunoGen's proprietary Tumor-Activated Prodrug
(TAP) technology.
* Biogen Idec announced its Board of Directors has authorized the
repurchase of up to 20 million shares of its common stock.
"Since we completed our merger transaction approximately one year ago,
Biogen Idec has delivered on its promise," said James Mullen, Biogen Idec's
Chief Executive Officer. "I applaud the organization for the smooth and rapid
integration. We've hit our major financial goals, the pipeline has advanced
both through in-house efforts and business development deals, and we are on
the verge of launching our next product."
Financial Performance
On an adjusted non-GAAP basis, Biogen Idec reported net income was $132
million in the third quarter of 2004 (Q3 2003: $123 million). Adjusted non-
GAAP EPS was $0.37 for the third quarter of 2004 (Q3 2003: $0.35).
Adjusted non-GAAP EPS and net income for the third quarter of 2004
excludes merger-related accounting impacts, such as amortization of
intangibles, impairment of intangibles, inventory step up, and other merger-
related charges, and other non-operating charges. Adjusted pro forma non-GAAP
EPS and net income for the third quarter of 2003 include revenue and expenses
from the former Biogen, Inc. from July 1 to September 30, 2003 but excludes
other non-operating charges of the former Biogen, Inc. and IDEC
Pharmaceuticals Corporation. These adjustments, expenses, and non-operating
charges are itemized on the attached reconciliation tables.
On a reported basis, calculated in accordance with U.S. generally accepted
accounting principles (GAAP), Biogen Idec reported net income of $37 million
(or EPS of $0.10) in the third quarter of 2004. The difference between
adjusted non-GAAP net income and EPS and GAAP net income and EPS in the third
quarter was primarily due to $112 million of non-cash merger-related
accounting impacts and $13 million write-down of certain investments.
Revenue Performance
Third quarter revenues of AVONEX, Biogen Idec's therapy for patients with
relapsing forms of multiple sclerosis, increased 16% to $346 million (adjusted
pro forma Q3 2003: $298 million). U.S. sales were $224 million (adjusted pro
forma Q3 2003: $204 million). International sales were $122 million (adjusted
pro forma Q3 2003: $94 million); in local currency, sales grew 21%.
Revenues for the third quarter of 2004 included $160 million from Biogen
Idec's joint business arrangement with Genentech, Inc. related to RITUXAN, a
treatment for certain B-cell non-Hodgkin's lymphomas that Biogen Idec co-
promotes in the U.S. with Genentech (Q3 2003: $134 million). All U.S. sales
of RITUXAN are recognized by Genentech, and Biogen Idec records its share of
the pretax co-promotion profits on a quarterly basis. U.S. net sales of
RITUXAN in the third quarter of 2004, as recorded by Genentech, were $393
million (Q3 2003: $354 million).
Revenues of ZEVALIN(R) (ibritumomab tiuxetan), Biogen Idec's
radioimmunotherapeutic agent, were $5 million in the third quarter of 2004 (Q3
2003: $4 million).
Revenues of AMEVIVE(R) (alefacept), Biogen Idec's treatment for moderate-
to-severe psoriasis, were $8 million in the third quarter of 2004 (Q3 2003:
$12 million).
Royalties were $24 million in the third quarter (adjusted pro forma Q3
2003: $29 million).
Share Repurchase Program
Biogen Idec announced that its Board of Directors has authorized the
repurchase of up to 20 million shares of its common stock. The repurchased
stock will provide the Company with treasury shares for general corporate
purposes, such as stock to be issued under employee stock option and stock
purchase plans. The share buyback will be largely funded through operating
cash flow and will be accretive to EPS.
William Rastetter, Biogen Idec's Executive Chairman, said, "This share
repurchase plan underscores the belief of management and the Board of
Directors that our common stock represents an attractive investment for the
Company, based on our well-defined strategy and our prospects for future
growth. Given our strong anticipated operating cash flow, we do not expect
this program to restrict our strategic flexibility."
The Company currently has approximately 334 million shares of common stock
outstanding.
Recent Highlights
* Biogen Idec announced on October 13, 2004, that Health Canada has
authorized AMEVIVE for sale in Canada. AMEVIVE, the first biologic
approved for psoriasis in Canada, will be marketed for the treatment of
patients with moderate-to-severe chronic plaque psoriasis who are
candidates for systemic therapy or phototherapy.
* On October 6, 2004, ImmunoGen, Inc. and Biogen Idec announced that
Biogen Idec licensed exclusive rights to develop and commercialize
anti-cancer therapeutics that comprise an antibody developed by Biogen
Idec to an undisclosed tumor cell target and ImmunoGen's proprietary
Tumor-Activated Prodrug (TAP) technology.
* On September 29, 2004, Elan and Biogen Idec announced that they
submitted a Marketing Authorisation Application (MAA) to the European
Medicines Agency for the approval of ANTEGREN as a treatment for
Crohn's disease. Additionally, the companies presented new 12-month
data from the Phase III maintenance trial, ENACT-2 (Evaluation of
Natalizumab As Continuous Therapy-2), at the United European
Gastroenterology Week meeting in Prague, Czech Republic, and these data
were included in the filing.
* On September 7, 2004, Sunesis Pharmaceuticals, Inc. and Biogen Idec
announced a collaboration to discover and develop small molecule cancer
therapeutics targeting kinases, a family of cell signaling enzymes that
play a major role in the progression of cancer. The companies will
apply Tethering(R), Sunesis' proprietary fragment-based drug discovery
technology, in an effort to generate novel small molecule leads that
inhibit oncology kinase targets.
* On August 17, 2004, Biogen Idec and Elan announced that the companies
have submitted an application for approval of ANTEGREN as a treatment
for multiple sclerosis in Canada, based on one-year data from the
ongoing Phase III trials.
Conference Call and Webcast
The Company's earnings conference call for the third quarter will be
broadcast via the internet at 5:00 p.m. ET on October 27, 2004, and will be
accessible through the investor relations section of Biogen Idec's homepage,
http://www.biogenidec.com.
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
future financial results and plans for our development programs, including
ANTEGREN.
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
operating cash flow and overall prospects for growth, may be affected by a
number of factors, including any slowing of growth of the markets for AVONEX
and RITUXAN, any change in market acceptance of these products in key markets
worldwide, the extent to which the Company achieves market acceptance of its
other products, the impact of reimbursement and pricing decisions related to
the Company's products, the impact of competitive products on the Company's
products, any material decreases in sales by licensees of products on which
the Company receives royalties, the impact of litigation, any unanticipated
increase in expenses, in-licensing and product opportunities, increase in
costs related to development and commercialization of new products, including
ANTEGREN, and any material issues, delays or failures related to the
manufacturing or supply of the Company's products.
Our long-term growth will depend on the successful development and
commercialization of new products such as ANTEGREN. Drug development involves
a high degree of risk. For example, our plans to launch ANTEGREN as a
treatment for MS could be negatively affected if unexpected concerns arise
from additional data or analysis, if regulatory authorities require additional
information or further studies, or if we were to encounter other unexpected
hurdles.
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 by the Company with the Securities and Exchange
Commission. 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:
Amy Ryan
Associate Director, Public Affairs
Biogen Idec
Tel: (617) 914-6524
Investment Community Contact:
Elizabeth Woo
Senior Director, Investor Relations
Biogen Idec
Tel: (617) 679-2812
TABLE 1
Financial Results For The Third Quarter of 2004
Condensed Consolidated Statements Of Income - GAAP Basis
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2004 2003 2004 2003
REVENUES
Product $359,692 $4,427 $1,095,415 $15,069
Revenue from unconsolidated joint
business 159,507 133,960 444,619 363,236
Royalties 23,860 - 73,371 -
Corporate partner 217 143 10,377 1,032
Total Revenues 543,276 138,530 1,623,782 379,337
COST AND EXPENSES
Cost of product and royalty
revenues 64,460 639 470,955 5,282
Research and development 168,889 39,333 498,219 121,384
Selling, general and
administrative 132,040 27,157 401,887 74,985
Amortization of acquired
intangible assets 107,054 - 267,222 -
Total Cost and Expenses 472,443 67,129 1,638,283 201,651
Income (Loss) from Operations 70,833 71,401 (14,501) 177,686
Other income (expense), net (1,573) 1,986 16,566 8,549
INCOME BEFORE INCOME TAXES 69,260 73,387 2,065 186,235
Income taxes 32,492 27,887 5,668 70,769
NET INCOME (LOSS) $36,768 $45,500 $(3,603) $115,466
BASIC EARNINGS (LOSS) PER SHARE $0.11 $0.29 $(0.01) $0.73
DILUTED EARNINGS (LOSS) PER SHARE $0.10 $0.26 $(0.01) $0.67
SHARES USED IN CALCULATING:
BASIC EARNINGS (LOSS) PER SHARE 334,777 155,498 335,165 155,117
DILUTED EARNINGS (LOSS) PER SHARE 355,232 184,838 335,165 178,877
TABLE 2
Condensed Consolidated Balance Sheets
(dollars in thousands)
Sep. 30, 2004 Dec. 31, 2003
Assets:
Current assets
Cash, cash equivalents and
securities available-for-sale $445,880 $835,959
Accounts receivable, net 237,572 198,524
Inventory 246,369 496,349
Other current assets 334,414 307,832
Total current assets 1,264,235 1,838,664
Long-term securities available-
for-sale 1,672,126 1,502,327
Property and equipment, net 1,415,689 1,252,783
Intangible assets, net 3,370,624 3,638,812
Goodwill 1,151,105 1,151,066
Other 146,819 120,293
Total assets $9,020,598 $9,503,945
Liabilities and shareholders'
equity
Current liabilities $428,601 $404,825
Long-term deferred tax liability 985,672 1,108,318
Non-current liabilities 896,063 937,474
Shareholders' equity 6,710,262 7,053,328
Total liabilities and
shareholders' equity $9,020,598 $9,503,945
TABLE 3
Condensed Consolidated Statements of Operations and Reconciliation of
GAAP Earnings to Adjusted Pro-Forma Non-GAAP Earnings
(In millions, except per share data)
The non-GAAP financial measures presented below are utilized
by Biogen Idec management to gain an understanding of the
comparative financial performance of the Company.
Management believes that the non-GAAP financial measures are
useful because they exclude those non-operational or unusual
activities or transactions that are not necessarily
relevant to understanding the trends of the Company or the
prospects of future performance. Numbers may not foot due
to rounding.
Three Months Ended
September 30, 2004
Adjusted
GAAP Adjustments Non-GAAP
Revenues
Product $359.7 - $359.7
Revenue from unconsolidated
joint business 159.5 - 159.5
Royalties 23.9 - 23.9
Corporate partner 0.2 - 0.2
Total revenues 543.3 - 543.3
Cost and Expenses
Cost of product and royalty
revenues 64.5 (3.3) (A) 61.2
Research and development 168.9 (0.1) (B) 168.8
Selling, general and
administrative 132.0 (1.7) (B) 130.3
Amortization of acquired
intangible assets 107.1 (107.1) (C) -
Total costs and expenses 472.4 (112.2) 360.3
Income from operations 70.8 112.2 183.0
Other income (expense), net (1.6) 12.7 (D) 11.2
Income before income taxes 69.3 124.9 194.2
Provision for income taxes 32.5 29.6 (E) 62.1
Net income $36.8 $95.3 $132.0
Numerator:
Net Income $36.8 $132.0
Net Income
allocable to
participating
securities ($0.1)(H) ($0.2)(H)
Net Income used
in calculating
basic eps $36.7 $131.8
Net Adjustment
for interest
expense $0.5 (I) $2.0
Net Income used
in calculating
diluted eps $37.2 $133.8
Shares used in calculation of
earnings per share:
Denominator:
Weighted average
number of common
shares
outstanding 334.8 334.8
Effect of
dilutive
securities:
stock options,
convertible
promissory notes 20.5 (I) 29.1
Dilutive
potential common
shares 355.2 363.9
Earnings per share:
Basic $0.11 $0.39
Diluted $0.10 $0.37
column 1 column 2 column 3 =
columns 1+2
(A) Represents the non-cash expense related to valuing the
inventory acquired from former Biogen, Inc. at fair value.
(B) Represents external, incremental consulting, integration
costs, severance, and restructuring charges related to the
merger.
(C) Represents the on-going, non-cash amortization and
impairment of acquired intangible assets related to the
merger with former Biogen, Inc.
(D) Represents $12.7M for the write-down of certain
investments.
(E) Represents the tax effect of the above adjustments.
(F) Represents the elimination of Biogen Idec contract
revenue and expense of $3.1M.
(G) Represents former Biogen, Inc. operating revenue and
expenses for the period Jul-Sep of 2003 prior to the merger,
net of intercompany transactions.
(H) Due to adoption of EITF 03-06 which requires allocation
of income to certain holders of equity & debt instruments.
(I) Adjustment for certain interest expense and convertible
securities were included in the period as they were
dilutive.
TABLE 3
Condensed Consolidated Statements of Operations and Reconciliation of
GAAP Earnings to Adjusted Pro-Forma Non-GAAP Earnings
(In millions, except per share data)
The non-GAAP financial measures presented below are utilized
by Biogen Idec management to gain an understanding of the
comparative financial performance of the Company.
Management believes that the non-GAAP financial measures are
useful because they exclude those non-operational or unusual
activities or transactions that are not necessarily
relevant to understanding the trends of the Company or the
prospects of future performance. Numbers may not foot due
to rounding.
Three Months Ended
September 30, 2003
Adjusted
Pro Forma
GAAP Adjustments Non-GAAP
Revenues
Product $4.4 $310.1 (G) $314.5
Revenue from unconsolidated
joint business 134.0 - 134.0
Royalties - 28.6 (G) 28.6
Corporate partner 0.1 - 0.1
Total revenues 138.5 338.7 477.2
Cost and Expenses
Cost of product and royalty
revenues 0.6 54.3 (G) 54.9
Research and development 39.3 87.9 (F),
(G) 127.2
Selling, general and
administrative 27.2 96.1 (G) 123.3
Amortization of acquired
intangible assets - - -
Total costs and expenses 67.1 238.3 305.4
Income from operations 71.4 100.4 171.8
Other income (expense), net 2.0 6.9 (G) 8.9
Income before income taxes 73.4 107.3 180.6
Provision for income taxes 27.9 30.0 (G) 57.8
Net income $45.5 $77.4 $122.8
Numerator:
Net Income $45.5 $122.8
Net Income
allocable to
participating
securities ($0.6)(H) ($0.8)(H)
Net Income used
in calculating
basic eps $44.9 $122.0
Net Adjustment
for interest
expense $2.9 $2.9
Net Income used
in calculating
diluted eps $47.8 $124.9
Shares used in calculation of
earnings per share:
Denominator:
Weighted average
number of common
shares
outstanding 155.5 327.4
Effect of
dilutive
securities:
stock options,
convertible
promissory notes 29.3 30.3
Dilutive
potential common
shares 184.8 357.8
Earnings per share:
Basic $0.29 $0.37
Diluted $0.26 $0.35
column 4 column 5 column 6 =
columns 4+5
(A) Represents the non-cash expense related to valuing the
inventory acquired from former Biogen, Inc. at fair value.
(B) Represents external, incremental consulting, integration
costs, severance, and restructuring charges related to the
merger.
(C) Represents the on-going, non-cash amortization and
impairment of acquired intangible assets related to the
merger with former Biogen, Inc.
(D) Represents $12.7M for the write-down of certain
investments.
(E) Represents the tax effect of the above adjustments.
(F) Represents the elimination of Biogen Idec contract
revenue and expense of $3.1M.
(G) Represents former Biogen, Inc. operating revenue and
expenses for the period Jul-Sep of 2003 prior to the merger,
net of intercompany transactions.
(H) Due to adoption of EITF 03-06 which requires allocation
of income to certain holders of equity & debt instruments.
(I) Adjustment for certain interest expense and convertible
securities were included in the period as they were
dilutive.
TABLE 4
Condensed Consolidated Statements of Operations and Reconciliation of
GAAP Earnings to Adjusted Pro-Forma Non-GAAP Earnings
(In millions, except per share data)
The non-GAAP financial measures presented below are
utilized by Biogen Idec management to gain an understanding
of the comparative financial performance of the Company.
Management believes that the non-GAAP financial measures
are useful because they exclude those non-operational or
unusual activities or transactions that are not necessarily
relevant to understanding the trends of the Company or the
prospects of future performance. Numbers may not foot due
to rounding.
Nine Months Ended
September 30, 2004
Adjusted
GAAP Adjustments Non-GAAP
Revenues
Product $1,095.4 - $1,095.4
Revenue from unconsolidated
joint business 444.6 - 444.6
Royalties 73.4 - 73.4
Corporate partner 10.4 - 10.4
Total revenues 1,623.8 - 1,623.8
Cost and Expenses
Cost of product and royalty
revenues 471.0 (291.1) (A) 179.9
Research and development 498.2 (3.0) (B) 495.2
Selling, general and
administrative 401.9 (6.7) (B) 395.2
Amortization of acquired
intangible assets 267.2 (267.2) (C) -
Total costs and expenses 1,638.3 (568.0) 1,070.3
Income (loss) from operations (14.5) 568.0 553.5
Other income, net 16.6 12.7 (D) 29.3
Income before income taxes 2.1 580.7 582.8
Provision for income taxes 5.7 180.8 (E) 186.5
Net income (loss) ($3.6) $399.9 $396.3
Numerator:
Net Income
(Loss) ($3.6) $396.3
Net Income
allocable to
participating
securities - (I) ($0.6)(I)
Net Income
(Loss) used in
calculating
basic eps ($3.6) $395.8
Net Adjustment
for interest
expense - (J) $6.8
Net Income
(Loss) used in
calculating
diluted eps ($3.6) $402.6
Shares used in calculation of
earnings (loss) per share:
Denominator:
Weighted average
number of
common shares
outstanding 335.2 335.2
Effect of
dilutive
securities:
stock options,
convertible
promissory
notes - (J) 31.6
Dilutive
potential
common shares 335.2 366.8
Earnings (Loss) per share:
Basic ($0.01) $1.18
Diluted ($0.01) $1.10
column 1 column 2 column 3 =
columns 1+2
(A) Represents the non-cash expense related to valuing the
inventory acquired from former Biogen, Inc. at fair value.
(B) Represents external, incremental consulting,
integration costs, severance, and restructuring charges
related to the merger.
(C) Represents the on-going, non-cash amortization and
impairment of acquired intangible assets related to the
merger with former Biogen, Inc.
(D) Represents $12.7M for the write-down of certain
investments.
(E) Represents the tax effect of the above adjustments.
(F) Represents the elimination of Biogen Idec contract
revenue and expense of $6.3M.
(G) Represents former Biogen, Inc. operating revenue and
expenses for the period Jan-Sep of 2003 prior to the
merger, net of intercompany transactions.
(H) Represents former IDEC one-time adjustment of $20M
related to a signing payment for the Genentech new anti-
CD20 antibody development collaboration.
(I) Due to adoption of EITF 03-06 which requires
allocation of income to certain holders of equity & debt
instruments.
(J) Adjustment for certain interest expense and convertible
securities were included in the period as they were
dilutive.
TABLE 4
Condensed Consolidated Statements of Operations and Reconciliation of
GAAP Earnings to Adjusted Pro-Forma Non-GAAP Earnings
(In millions, except per share data)
The non-GAAP financial measures presented below are
utilized by Biogen Idec management to gain an understanding
of the comparative financial performance of the Company.
Management believes that the non-GAAP financial measures
are useful because they exclude those non-operational or
unusual activities or transactions that are not necessarily
relevant to understanding the trends of the Company or the
prospects of future performance. Numbers may not foot due
to rounding.
Nine Months Ended
September 30, 2003
Adjusted
Pro Forma
GAAP Adjustments Non-GAAP
Revenues
Product $15.1 $881.4 (G) $896.5
Revenue from unconsolidated
joint business 363.2 - 363.2
Royalties - 100.4 (G) 100.4
Corporate partner 1.0 - 1.0
Total revenues 379.3 981.9 1,361.2
Cost and Expenses
Cost of product and royalty
revenues 5.3 146.2 (G) 151.5
Research and development 121.4 253.2 (F),
(G),
(H) 374.6
Selling, general and
administrative 75.0 296.4 (G) 371.4
Amortization of acquired
intangible assets - - -
Total costs and expenses 201.7 695.8 897.5
Income (loss) from operations 177.7 286.1 463.7
Other income, net 8.5 28.2 (G) 36.7
Income before income taxes 186.2 314.2 500.4
Provision for income taxes 70.8 89.3 (G) 160.1
Net income (loss) $115.5 $224.8 $340.3
Numerator:
Net Income
(Loss) $115.5 $340.3
Net Income
allocable to
participating
securities ($1.6)(I) ($2.2)(I)
Net Income
(Loss) used in
calculating
basic eps $113.9 $338.2
Net Adjustment
for interest
expense $5.5 $7.2
Net Income
(Loss) used in
calculating
diluted eps $119.4 $345.3
Shares used in calculation of
earnings (loss) per share:
Denominator:
Weighted average
number of
common shares
outstanding 155.1 326.4
Effect of
dilutive
securities:
stock options,
convertible
promissory
notes 23.8 30.5
Dilutive
potential
common shares 178.9 356.9
Earnings (Loss) per share:
Basic $0.73 $1.04
Diluted $0.67 $0.97
column 4 column 5 column 6 =
columns 4+5
(A) Represents the non-cash expense related to valuing the
inventory acquired from former Biogen, Inc. at fair value.
(B) Represents external, incremental consulting,
integration costs, severance, and restructuring charges
related to the merger.
(C) Represents the on-going, non-cash amortization and
impairment of acquired intangible assets related to the
merger with former Biogen, Inc.
(D) Represents $12.7M for the write-down of certain
investments.
(E) Represents the tax effect of the above adjustments.
(F) Represents the elimination of Biogen Idec contract
revenue and expense of $6.3M.
(G) Represents former Biogen, Inc. operating revenue and
expenses for the period Jan-Sep of 2003 prior to the
merger, net of intercompany transactions.
(H) Represents former IDEC one-time adjustment of $20M
related to a signing payment for the Genentech new anti-
CD20 antibody development collaboration.
(I) Due to adoption of EITF 03-06 which requires
allocation of income to certain holders of equity & debt
instruments.
(J) Adjustment for certain interest expense and convertible
securities were included in the period as they were
dilutive.
TABLE 5
Biogen Idec Inc
Product Revenues for Third Quarter 2004
(in thousands)
The non-GAAP financial measures presented below are utilized by Biogen
Idec management to gain an understanding of the comparative financial
performance of the Company. Management believes that the non-GAAP
financial measures are useful because they exclude those non-operational
or unusual activities or transactions that are not necessarily relevant to
understanding the trends of the Company or the prospects of future
performance. Numbers may not foot due to rounding.
Three Months Ended
September 30,
2004 2003
Biogen
U.S. Revenue Pro Forma
U.S. GAAP GAAP Pre- Combined
Revenue Revenue merger(a) Revenue
PRODUCT REVENUES
Avonex(R) $346,248 $- $297,728 $297,728
Amevive(R) 8,222 - 12,381 12,381
Zevalin(R) 5,222 4,427 - 4,427
Total Product Revenues $359,692 $4,427 $310,109 $314,536
Nine Months Ended
September 30,
2004 2003
Biogen
U.S. Revenue Pro Forma
U.S. GAAP GAAP Pre- Combined
Revenue Revenue merger(a) Revenue
PRODUCT REVENUES
Avonex(R) $1,047,482 $- $858,361 $858,361
Amevive(R) 33,325 - 23,074 23,074
Zevalin(R) 14,608 15,069 - 15,069
Total Product Revenues $1,095,415 $15,069 $881,435 $896,504
(a) Represents former Biogen, Inc. revenue that is not included in
GAAP revenues.
SOURCE Biogen Idec Inc.
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Photo Notes:http://www.newscom.com/cgi-bin/prnh/20031112/LAW121LOGO
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CONTACT:
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Senior Director, Investor Relations, +1-617-679-2812, both of
Biogen Idec
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