Biogen, Inc. (Nasdaq: BGEN) said today that 2001 revenues will exceed $1 billion dollars. This is the first time Biogen has achieved this record level of sales and royalty revenues. James C. Mullen, Biogen’s President and Chief Executive Officer, said, “Achieving a billion dollars in annual revenues is an extraordinary achievement for any company, and Biogen is now part of an elite group within the biotechnology industry. To put this into financial perspective, our annual revenues were less than a hundred million dollars as recently as 1991.
“The $1 billion revenue milestone reflects the dedication of our entire organization to bringing Biogen to the next level of operating success. During 2002, we will continue research on AVONEX(R) (Interferon beta-1a) and continue our commitment to the MS community with the Phase III clinical trials of ANTEGREN(TM) (natalizumab), which we are developing with Elan Corporation. We also expect the FDA to complete its review of data from the Phase III clinical trial of AMEVIVE(R) (alefacept), our candidate for treatment of moderate-to-severe psoriasis. We intend to use our success with AVONEX as the model for introducing our second proprietary product to the marketplace.
“The meaning of this achievement to the MS community is especially important. AVONEX(R), the world’s leading therapy for MS, is the drug of choice for tens of thousands of men and women with MS and the physicians who treat them. Biogen is committed to this community and dedicates approximately 30% of our annual product sales to ongoing research.”
Biogen launched AVONEX in the U.S. market in 1996 and in Europe in 1997. Today, more than 114,000 people with MS throughout the world take AVONEX as a once-a-week intramuscular injection.
In addition to historical facts, this press release contains forward- looking statements that involve risks and uncertainties that could cause actual results to differ materially from those reflected in the forward- looking statements. Reference is made in particular to projections regarding revenue amounts and anticipated events related to development stage products, including AMEVIVE(R).
Factors which could cause actual revenue results to differ from the Company’s current expectations include, without limitation, any unexpected negative results, any unanticipated increase in expenses, any unexpected costs related to commercialization activities and the other risks and uncertainties associated with drug development and commercialization described in the Company’s periodic reports filed with the Securities and Exchange Commission.
Factors which could cause actual results regarding development stage programs to differ from the Company’s current expectations include obstacles that may arise or issues that are identified in connection with review of data by regulatory authorities or the risk that regulatory authorities may disagree with the Company’s view of the data or may require additional data or information or additional studies, as well as the other risks and uncertainties associated with drug development described in the Company’s periodic reports filed with the Securities and Exchange Commission.
Drug development involves a high degree of risk. Success in early stage clinical trials or preclinical work does not ensure that later stage or larger scale clinical trials will be successful.
Biogen, Inc., winner of the U.S. National Medal of Technology, is a biopharmaceutical company principally engaged in discovering and developing drugs for human healthcare through genetic engineering. Headquartered in Cambridge, MA, the Company’s revenues are generated from U.S. and European sales of AVONEX(R) (Interferon beta-1a) for treatment of relapsing forms of multiple sclerosis, and from the worldwide sales by licensees of a number of products, including alpha interferon and hepatitis B vaccines and diagnostic products. Biogen’s research and development activities are focused on novel products to treat inflammatory and autoimmune diseases, neurological diseases, cancer, fibrosis and congestive heart failure. The Company maintains active clinical research programs in protein therapeutics, small molecules, genomics and gene therapy. For copies of press releases and additional information about the Company, please consult Biogen’s Homepage on the World Wide Web at http://www.biogen.com.
AVONEX(R) (Interferon beta-1a) is a registered trademark of Biogen, Inc.
AMEVIVE(R) (alefacept) is a registered trademark of Biogen, Inc.
ANTEGREN(R) (natalizumab) is a registered trademark of Elan Corporation.