Biogen Revises 1994 Financial Results

Biogen of the USA has revised its previously-released results for the 1994 fourth quarter and the full year (Marketletter January 30). The company says that revenues and earnings for the year and the quarter ended December 31, 1994, were higher by $6.5 million and $5.7 million, respectively.

This means that previously reported revenues of $36.4 million are now revised to $42.97 million for the fourth quarter and $156.3 million for the full year. Fourth-quarter net income is now $9.7 million and the loss for the full year has declined to just under $4.9 million. Earnings per share for the quarter now stand at $0.27 and the loss per share for the year is down to $0.15.

The company decided to report revised figures based on significant royalty income differences. "The significant difference in actual royalty income compared to estimates is due to unexpectedly high sales of hepatitis B vaccine in France," explained Jim Vincent, Biogen's chairman and chief executive. He added: "the French government is actively supporting a vaccination program for teens, preteens, and infants, and this had a greater effect than anticipated."