17:45 EDT Tuesday, July 17th, 2001
The stock price of Biogen Inc soared today after the biotech company said in a conference call that it expects $1 billion in sales by the end of 2001.
James Mullen, Biogen's chief executive, made the prediction on a conference call discussing the company's second-quarter results.
Biogen said second-quarter profits rose nearly 8 percent to 47 cents per share thanks mostly to a 28 percent increase in sales of its top-selling multiple-sclerosis drug Avonex, which is produced exclusively at the company's facility at Research Triangle Park. The company's total revenues rose 13 percent to $260.7 million from $230.5 million.
Biogen's shares rose almost 9 percent
before closing the day up $2.85 at $52.30, a gain of 5.76 percent. Biogen's
stock had fallen from the $65 range in recent weeks due to speculation
that Swiss company Serono would be able to start selling its MS drug, Rebif,
in the United States next year. Biogen has exclusive U.S. rights through
2003, but Serono has been promoting test results that it says shows its
drug is more effective and has been lobbying the Food and Drug Administration
to allow Rebif in the U.S. market in 2002.
Copyright 2001 American City Business
Copyright 2001 American City Business Journals Inc