Avonex Boosts 3rd Qtr Growth At Biogen

US pharmaceutical company Biogen has announced growth in the thirdquarter ended September 30, 1997, driven by further increases in sales of Avonex (interferon beta-1a), its treatment for multiple sclerosis. Biogen's revenues for the quarter rose to $106.2 million, up 5.3% on the like, year-earlier period, with Avonex revenues accounting for $60.4 million.

European Expansion Continues Chief executive Jim Tobin said that the company was continuing to experience sales growth on a quarter-to-quarter basis, maintain its market leadership and expand the overall area for MS therapies in the USA. During the last quarter, Avonex was launched in Italy, Spain and the Netherlands, continuing Biogen's strategy of expanding in the European market. The company says that the response from European physicians and patients has to date been positive.

Net income for the third quarter decreased from $45.1 million or $0.60 per share for the corresponding period in 1996 to $20.5 million, or $0.27 per share. The company notes, however, that last year's results included a special $30 million royalty payment from Pharmacia & Upjohn and a one-time tax benefit that were equal to approximately $0.53 per share.