Biogen Idec Inc. (NASDAQ: BIIB), a global biotechnology leader in the
discovery, development, manufacturing and commercialization of
innovative therapies, this week is celebrating its 30-year anniversary
of creating new standards of care in therapeutic areas with high unmet
medical needs.
"For 30 years, Biogen Idec has been
transforming discoveries into breakthrough therapies that improve the
lives of patients around the world," said
James Mullen, Biogen Idec´s Chief Executive
Officer. "With leading biotechnology products
a robust pipeline and talented people, we are delivering significant
value for our patients and shareholders. Our prospects for future growth
and success have never been better."
Currently, Biogen Idec markets three major therapies. It has an
industry-leading multiple sclerosis (MS) franchise with AVONEX® (Interferon beta-1a), the world´s most
prescribed therapy for relapsing forms of MS; and TYSABRI® (natalizumab), co-marketed with Elan Pharmaceuticals, which reached
approximately 26,000 patients on commercial and clinical therapy
worldwide as of the end of March 2008. The company also co-markets with
Genentech, Inc. RITUXAN® (rituximab), the world´s leading cancer
therapy and a treatment for non-Hodgkin´s
lymphoma and rheumatoid arthritis.
The company´s product pipeline includes 15
products in Phase 2 and beyond, and its research and development is
focused primarily on neurology, oncology and rheumatology, with emerging
efforts in cardiopulmonary diseases and hemophilia. Patients in more
than 90 countries benefit from Biogen Idec´s
significant products. The company has more than 4,200 employees
worldwide and generated revenues of nearly $3.2 billion in 2007.
Nobel Laureate Phillip A. Sharp, Ph.D., co-founder and a Director of the
company, said, "Thirty years ago, we could
only have dreamed that the company we started would have the profound
impact on patients that it has today. It is gratifying to see Biogen Idec´s
spirit of innovation and perseverance continuing to drive excellence in
research and development. The company has also outlined a comprehensive
strategic growth plan that we believe will build on the exciting
momentum underway."
A Plan for Continued Growth
Biogen Idec has presented detailed product and financial goals for the
year 2010. Specifically, the company aims to generate revenue growth at
a 15 percent compound annual growth rate (CAGR) and non-GAAP EPS at a 20
percent CAGR from 2007 through 2010. This strong growth is expected to
be driven by:
Continued solid performance of AVONEX, the world´s
most prescribed therapy for MS;
Expansion of RITUXAN into autoimmune diseases;
Achievement of the milestone of 100,000 patients on TYSABRI by
year-end 2010;
Continued geographic diversification of the company´s
revenue base, with more than 40 percent of revenue coming from its
International business by 2010; and
By year-end 2010, the launch of four new products from the pipeline or
existing products in major new indications, and the advancement of
another six programs into late-stage development.
Company History Highlights
= = = = = = = = = = =
1978:
Biogen NV is incorporated
- - - - - -
1979:
Biogen scientists are the first to announce synthesis in bacteria
(expression) of hepatitis B virus protein antigens
Biogen grants exclusive worldwide license to Schering-Plough for
its alpha interferon patents. Today, INTRON(R) A (Interferon
alfa-2b) is marketed in several indications including chronic
hepatitis B and C, and malignant melanoma
- - - - - -
1980:
Walter Gilbert, Ph.D., of Harvard University and one of Biogen´s
founders, receives the Nobel Prize for sequencing nucleotides
- - - - - -
1985:
IDEC Pharmaceuticals is founded
- - - - - -
1988:
Biogen licenses its hepatitis B technology to SmithKlineBeecham.
Today ENGERIX(R)-B (hepatitis B vaccine) and RECOMBIVAX(R) are sold
by GlaxoSmithKline and Merck, respectively
- - - - - -
1993:
Phillip Sharp, Ph.D., of the Massachusetts Institute of Technology
and a founder of Biogen, receives the Nobel Prize for his discovery
of split genes and RNA splicing
- - - - - -
1996:
FDA approves Biogen´s AVONEX for treatment of relapsing forms of MS
- - - - - -
1997:
FDA approves IDEC´s RITUXAN for the treatment of certain types of
B-cell non-Hodgkin´s lymphoma - the first monoclonal antibody to
be approved as a cancer therapeutic
Biogen licenses exclusive rights to bivalirudin to The Medicines
Company, which today markets ANGIOMAX(R) as an anticoagulant
- - - - - -
2003:
Biogen and IDEC Pharmaceuticals merge to create Biogen Idec
- - - - - -
2006:
FDA approves RITUXAN for the treatment of moderate-to-severe
rheumatoid arthritis
- - - - - -
2006:
TYSABRI is reintroduced in the U.S. and launched in the European
Union as a treatment for relapsing forms of MS
- - - - - -
2007:
Biogen Idec continues to expand its global footprint, opening
offices in Brazil, China and India
- - - - - -
2008:
FDA approves TYSABRI for the treatment of moderate-to-severe Crohn´s
disease in patients who have failed or cannot tolerate available
therapies
- - - - - -
About Biogen Idec
Biogen Idec creates new standards of care in therapeutic areas with high
unmet medical needs. Founded in 1978, Biogen Idec is a global leader in
the discovery, development, manufacturing, and commercialization of
innovative therapies. Patients in more than 90 countries benefit from
Biogen Idec´s significant products that
address diseases such as lymphoma, multiple sclerosis, and rheumatoid
arthritis. For product labeling, press releases and additional
information about the company, please visit www.biogenidec.com.
Safe Harbor
This press release contains forward-looking statements, which appear
under the heading "A Plan for Continued Growth" and in the comments from James Mullen, our CEO and Phil Sharp, a
co-founder and Director of the company. Forward-looking statements are
subject to risks and uncertainties that could cause actual results to
differ materially from that which we expect. Important factors that
could cause our actual results to differ include our continued
dependence on our two principal products, AVONEX and RITUXAN, the
uncertainty of success in commercializing other products including
TYSABRI, the occurrence of adverse safety events with our products, the
consequences of the nomination of directors for election to our Board by
an activist shareholder, the failure to execute our growth strategy
successfully or to compete effectively in our markets, our dependence on
collaborations over which we may not always have full control, possible
adverse impact of government regulation and changes in the availability
of reimbursement for our products, problems with our manufacturing
processes and our reliance on third parties, fluctuations in our
operating results, our ability to protect our intellectual property
rights and the cost of doing so, the risks of doing business
internationally and the other risks and uncertainties that are described
in Item 1.A. Risk Factors in our reports on Form 10-K and Form 10-Q and
in other periodic and current reports we file with the SEC. These
forward-looking statements speak only as of the date of this press
release, and we do not undertake any obligation to publicly update any
forward-looking statements, whether as a result of new information
future events, or otherwise.
Important Information
On May 8, 2008, Biogen Idec filed a definitive proxy statement with the
Securities and Exchange Commission (the "SEC")
in connection with the Company´s 2008 Annual
Meeting. Biogen Idec´s stockholders are
strongly advised to read the definitive proxy statement carefully before
making any voting or investment decision because the definitive proxy
statement contains important information. The Company´s
proxy statement and any other materials filed by the Company with the
SEC can be obtained free of charge at the SEC´s
web site at www.sec.gov or from Biogen Idec at http://investor.biogenidec.com.
The Company´s definitive proxy statement and
other materials will also be available for free by writing to Biogen
Idec Inc., 14 Cambridge Center, Cambridge, MA 02142 or by contacting our
proxy solicitor, Innisfree M&A Incorporated, by toll-free telephone at
(877) 750-5836.
GAAP EPS Reconciliation for 2010 Goals
On a reported basis, calculated in accordance with accounting principles
generally accepted in the U.S. (GAAP), the company aims to grow GAAP EPS
from 2007 through 2010 at a 25% CAGR. The long-term non-GAAP EPS goal
excludes the impact of purchase accounting, merger-related adjustments
stock option expense, and their related tax effects. In order to
reconcile long-term GAAP and non-GAAP EPS figures, the company has
excluded the following items for 2008 through 2010 from our non-GAAP EPS
goal provided above:
Purchase accounting charges, including amortization of acquired
intangible assets and IPR&D, is estimated to be $760-$800 million for
already completed transactions;
Stock option expense due to FAS 123R is estimated to be in the range
of $80-$90 million;
Tax benefit of $220-$240 million related to the pre-tax reconciling
items.
Because the company cannot predict with certainty the nature or the
amount of non-operating or unusual charges through 2010, it has made no
assumption regarding new purchase accounting charges in this GAAP EPS
goal. The company may incur charges or realize income through 2010 which
could cause actual results to vary from the goal.
