Biogen net income down 40% in 1st qtr

Biogen has reported a 40.6% decrease in net income for the first quarterof 2001 to $72.1 million or $0.47 per share. The company said that the fall was due to a one-time equity gain booked in the corresponding period of 2000.

Revenues for the quarter were $237 million, a rise of 9.3%, and Biogen noted that sales of its multiple sclerosis treatment Avonex (interferon beta-1a) grew 26% to $220 million, making it the most-prescribed drug in the world for the disease. Chief executive James Mullen said that Avonex had regained its momentum, particularly in the USA where sales increased 28%. The company's royalty revenues tumbled from $42.3 million in the first quarter of 2000 to $17.1 million, an effect of reduced payments from Schering-Plough (Marketletter April 9).