-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L/7fLFa+wbstPe4mEA1Us+4JXws8zFeiAmmwqENwpcQZ7XaM1PLi3PavDBphZYeB 3OIF+poveUFd1p6/2jSSgw== 0000950135-03-002266.txt : 20030404 0000950135-03-002266.hdr.sgml : 20030404 20030404154006 ACCESSION NUMBER: 0000950135-03-002266 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030402 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030404 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIOGEN INC CENTRAL INDEX KEY: 0000714655 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 043002117 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12042 FILM NUMBER: 03640127 BUSINESS ADDRESS: STREET 1: 14 CAMBRIDGE CTR CITY: CAMBRIDGE STATE: MA ZIP: 02142 BUSINESS PHONE: 6176792000 MAIL ADDRESS: STREET 1: 14 CAMBRIDGE CTR CITY: CAMBRIDGE STATE: MA ZIP: 02142 FORMER COMPANY: FORMER CONFORMED NAME: BIOGEN NV DATE OF NAME CHANGE: 19880622 8-K 1 b45935bxe8vk.txt BIOGEN, INC. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): APRIL 2, 2003 ------------- BIOGEN, INC. ------------ (Exact name of registrant as specified in its charter) MASSACHUSETTS 0-12042 04-3002117 (State or other (Commission (IRS Employer jurisdiction of incorporation File Number) Identification No.)
14 CAMBRIDGE CENTER, CAMBRIDGE, MA 02142 ---------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (617) 679-2000 -------------- ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. 99.1 The Registrant's Press Release dated April 2, 2003. ITEM 9. REGULATION FD DISCLOSURE (ALSO BEING FILED UNDER NEW ITEM 12. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION). The attached press release includes information with respect to the Registrant's operating earnings and operating earnings per share, which are non-GAAP financial measures. Management utilizes these non-GAAP financial measures to gain an understanding of the comparative operating performance of the Registrant. Management believes that these measures provide useful information to investors regarding the Registrant's financial condition and results of operations because they exclude non-operational and unusual activities or transactions that are not necessarily relevant to an understanding of the Registrant's business or the prospects for the Registrant's future performance. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BIOGEN, INC. (Registrant) Date: April 4, 2003 /s/ Anne Marie Cook --------------------------------------- Anne Marie Cook Vice President, Chief Corporate Counsel 3 EXHIBIT INDEX
Exhibit Number Description 99.1 The Registrant's Press Release dated April 2, 2003.
4 EX-99.1 3 b45935bxexv99w1.txt PRESS RELEASE DTD 04-02-03 EXHIBIT 99.1 Media Contact: Amy McKnight Associate Director, Public Affairs Biogen, Inc. Tel: (617) 914-6524 Investment Community Contact: Elizabeth Woo Senior Director, Investor Relations Biogen, Inc. Tel: (617) 679-2812 BIOGEN ANNOUNCES IMPROVED PERFORMANCE EXPECTATIONS FOR FIRST QUARTER AND FULL YEAR 2003 - - - FIRST QUARTER 2003 GUIDANCE INCREASED BASED ON ROBUST REVENUES AND OPERATIONAL EFFICIENCIES - - - FULL YEAR OPERATING 2003 GUIDANCE INCREASED TO $1.72 - $1.85 - - - For Immediate Release Cambridge, MA (April 2, 2003) -- Biogen, Inc. (NASDAQ: BGEN) today announced revised guidance for first quarter 2003 earnings per share which are now expected to be in the range of $0.39 - $0.43. Included in this estimate are $0.08 per share of one-time charges. First quarter operating earnings per share are expected to be in the range of $0.47 - $0.51. This is an increase over the previous guidance of $0.31 - $0.38 provided on January 28, 2003. Total revenues for the first quarter are expected to be about $320 million. Jim Mullen, Biogen's Chairman and CEO, commented, "As we entered 2003, it was clear that our performance would hinge on our ability to execute on a series of key goals: - - driving the AVONEX(R) (Interferon beta-1a) business - - leveraging the investments of the past two years to deliver efficiencies in research and development, as well as sales and marketing, and 1 - - launching AMEVIVE(R) (alefacept) and establishing a trajectory toward our 3 year revenue goal. Reviewing our first quarter results and trends, we've concluded that we are already succeeding on our first two goals. It is still early, but the AMEVIVE launch is progressing in line with our first quarter goals. The number of physicians expressing interest during the first eight weeks of launch has exceeded our expectations." At the end of March, over 600 physicians have initiated nearly 2,000 patients into the process of insurance verification. As with any new in-office injectable therapy, the reimbursement process can take several weeks. Among patients who have completed this process, more than 90 percent have received coverage for AMEVIVE. As planned, the Company expects AMEVIVE dosing to gain even more momentum over the next quarter with increased revenue ramp in the second half of the year as the reimbursement process accelerates, and physicians become more familiar with a novel in-office injectable. Accordingly, the Company anticipates that these first quarter trends will lead the full year operating performance to the favorable end of the guidance ranges in the revenue and operating expense line items issued on January 28, 2003. As a result, the Company has updated its full year 2003 operating earnings per share guidance upwards to $1.72 - $1.85 from its prior guidance of $1.63 - $1.78. 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. Net income for 2002 was $199 million, or $1.31 per share, which included $0.28 per share of net non-operating or unusual charges. Excluding these charges, 2002 operating earnings were $242 million, or $1.59 operating earnings per share. A full review of the first quarter results and an update on the progress of the AMEVIVE launch will be provided on the first quarter earnings conference call on April 17, 2003. 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 http://www.biogen.com. 2 FORWARD LOOKING STATEMENTS / SAFE HARBOR 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 earnings per share, expenses, revenues, revenue growth, income tax rate, royalties and capital expenditures, may be affected by the impact of competitive products on AVONEX sales, 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 successfully launch AMEVIVE in the U.S., the impact of reimbursement and pricing decisions related to AMEVIVE, the impact of competitive products on 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. -----END PRIVACY-ENHANCED MESSAGE-----