Lawrence C. Best, Eckhard Pfeiffer, and Alan K. Simpson Re-Elected as Directors — Management Proposals Approved By Shareholders — 2003 Full-Year Guidance Reconfirmed

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.

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 Mangement 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® (alefacept) and Phase 3 clinical trials of ANTEGREN® (natalizumab).

“2003 is unfolding as we planned,” said Mr. Mullen. “AMEVIVE was launched in Q1, AVONEX® (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® 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.


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

Media Contact:
Tim Hunt
Director, Public Affairs
Biogen, Inc.
(617) 914-6524

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Biogen, Inc.
(617) 679-2812