More MS news articles for July 2001

Biogen predicts $1 billion in sales in 2001

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.

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