[October 22, 2014] |
|
Biogen Idec Third Quarter 2014 Revenues Increase 37% to $2.5 Billion
CAMBRIDGE, Mass. --(Business Wire)--
Biogen Idec Inc. (NASDAQ: BIIB) today reported third quarter 2014
results, including revenue of $2.5 billion, a 37% increase compared to
the third quarter of 2013. Third quarter 2014 non-GAAP diluted earnings
per share (EPS) were $3.80, an increase of 61% over the third quarter of
2013. Non-GAAP net income attributable to Biogen Idec for the third
quarter was $900 million, an increase of 60% over the third quarter of
2013.
On a reported basis, GAAP diluted EPS for the third quarter of 2014 were
$3.62, an increase of 77% over the third quarter of 2013. GAAP net
income attributable to Biogen Idec for the third quarter of 2014 was
$857 million, an increase of 76% versus the same period in the prior
year. A reconciliation of GAAP to Non-GAAP quarterly financial results
and 2014 full year guidance can be found in Table 3 at the end of this
release.
"The third quarter was a period of significant achievement as we
continued to make progress against our corporate objectives," said Chief
Executive Officer George A. Scangos, Ph.D. "We introduced innovative
therapies for MS and hemophilia and began to launch them in markets
worldwide. We also launched TECFIDERA in several European countries,
furthering its position as a leading oral MS therapy.
"As we continued to extend our commercial business we remained focused
on building our future, bringing to our team leading talent in
technology, ALS research, neurology and gene therapy. I am also very
proud of being recognized for our focus on corporate citizenship as
again we were named the leading biotechnology company on the Dow Jones
Sustainability Index," Dr. Scangos added.
Third Quarter 2014 Performance Highlights
-
TECFIDERA revenues were $787 million, consisting of $638 million in
U.S. sales and $149 million in sales outside the U.S.
-
Interferon revenues, including AVONEX® and PLEGRIDY, were
$745 million, consisting of $482 million in U.S. sales and $263
million in sales outside the U.S.
-
TYSABRI® revenues were $501 million, consisting of $275
million in U.S. sales and $226 million in sales outside the U.S.
-
Net revenues relating to RITUXAN® and GAZYVA®
from our unconsolidated joint business arrangement were $291 million.
-
ALPROLIX® revenues were $25 million, and ELOCTATETM
revenues were $22 million.
Other Third Quarter 2014 Financial Results
-
Revenues for FAMPYRA® and FUMADERMTM were $37
million.
-
Royalty revenues were $67 million.
-
Corporate partner revenues were $36 million.
-
As of September 30, 2014, Biogen Idec had cash, cash equivalents and
marketable securities totaling approximately $3.2 billion.
-
During the quarter, the Internal Revenue Service issued final
regulations related to the Branded Pharmaceutical Drug (BPD) Fee,
which had the effect of changing the recognition of the fee for
accounting purposes, from the period in which the fee was paid, to the
period when the sale occurs. Our products that are subject to the BPD
fee include PLEGRIDY, TECFIDERA, TYSABRI and RITUXAN. As a result of
these final regulations, we recognized an incremental BPD fee which
reduced our share of revenues from unconsolidated joint business by
$21.0 million and increased selling, general and administrative
expense by $18.5 million for the periods 2013 through the end of this
quarter.
2014 Financial Guidance
Biogen Idec updated its full year 2014 financial guidance.
This updated guidance consists of the following components:
-
Revenue growth is expected to be approximately 38% to 41% compared to
2013, unchanged from prior guidance.
-
R&D expense is expected to be approximately 20% to 21% of total
revenue.
-
For the balance of the year, full year guidance for R&D expense
includes approximately $50 million intended for new early and
mid-stage business development opportunities. This amount is
reduced from prior guidance due to revised business development
expectations through the end of the year.
-
SG&A expense is expected to be approximately 22% to 23% of total
revenue, unchanged from prior guidance.
-
GAAP diluted EPS is expected to be between $12.00 and $12.10.
-
Non-GAAP diluted EPS is expected to be between $13.45 and $13.55, an
increase over prior guidance primarily due to updated business
development expectations.
Biogen Idec may incur charges, realize gains or experience other events
in 2014 that could cause actual results to vary from this guidance.
Multiple Sclerosis (MS) Events
-
In July 2014, Biogen Idec received marketing authorization from the
European Commission for PLEGRIDY, a pegylated interferon administered
subcutaneously once every two weeks for adults with
relapsing-remitting multiple sclerosis.
-
In August 2014, the U.S. Food and Drug Administration
approved PLEGRIDY as a new treatment for people with relapsing forms
of multiple sclerosis.
-
In September 2014, Biogen Idec presented extensive new data from its
multiple sclerosis portfolio at the sixth Triennial Joint Meeting of
the Americas Committee for Treatment and Research in Multiple
Sclerosis and the European Committee for Research and Treatment in
Multiple Sclerosis in Boston.
-
TECFIDERA was recently launched in Denmark, the Netherlands,
Switzerland, and Hungary.
Hemophilia Events
-
In July 2014, Biogen Idec launched ELOCTATE in the U.S. for the
treatment of adults and children with hemophilia A.
-
In October 2014, Biogen Idec submitted a Marketing Authorisation
Application (MAA) for ELOCTA to the European Medicines Agency (EMA).
ELOCTA is the approved trade name in Europe for ELOCTATE. The MAA
submission is subject to validation by the EMA.
Other Events
-
During the third quarter of 2014, Biogen Idec announced the hiring of
several key leaders including:
-
Adriana Karaboutis, Executive Vice President, Technology and
Business Solutions, to lead Biogen Idec's information technology
(IT) operations and advance the Company's use of technology and
data to enhance overall engagement with patients and healthcare
providers.
-
Donald R. Johns, M.D., Vice President, to lead Biogen Idec's
amyotrophic lateral sclerosis (ALS) Innovation Hub (ALS iHub), a
dedicated unit focused on accelerating the discovery and
development of novel therapies for ALS by integrating research
with clinical development.
-
Olivier Danos, Ph.D., Senior Vice President, Gene Therapy, to lead
the Company's gene therapy research group, a team dedicated to
identifying and developing new technologies for gene transfer and
genome engineering.
-
In September 2014, Biogen Idec announced that it was named the
biotechnology industry leader on the Dow Jones Sustainability World
Index. The Company was also named to the Dow Jones Sustainability
Index North America for the fifth consecutive year, one of only two
biotech companies included.
Conference Call and Webcast
The Company's earnings conference call for the third quarter will be
broadcast via the internet at 8:30 a.m. EDT on October 22, 2014, and
will be accessible through the Investors section of Biogen Idec's
homepage, www.biogenidec.com.
Supplemental information in the form of a slide presentation will also
be accessible at the same location on the internet at the time of the
conference call and will be subsequently available on the website for at
least one month.
About Biogen Idec
Through cutting-edge science and medicine, Biogen Idec discovers,
develops and delivers to patients worldwide innovative therapies for the
treatment of neurodegenerative diseases, hematologic conditions and
autoimmune disorders. Founded in 1978, Biogen Idec is the world's oldest
independent biotechnology company and patients worldwide benefit from
its leading multiple sclerosis and innovative hemophilia therapies. 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, including
statements about our business strategy and 2014 financial guidance.
These forward-looking statements may be accompanied by such words as
"anticipate," "believe," "could," "estimate," "expect," "forecast,"
"intend," "may," "plan," "potential," "project," "target," "will" and
other words and terms of similar meaning. You should not place undue
reliance on these statements.
These statements involve risks and uncertainties that could cause actual
results to differ materially from those reflected in such statements,
including: our dependence on sales from our principal products;
uncertainty of success in execution of our commercialization of new
products; failure to protect and enforce our data, intellectual property
and other proprietary rights and the diminution of our ability to derive
anticipated benefits from our products; difficulties in obtaining or
changes in the availability of reimbursement for our products;
uncertainty of success in developing other product candidates, including
our ability to obtain product approvals in a timely manner or at all for
new or current products; the occurrence of adverse safety events with
our products; failure to compete effectively due to significant product
competition in the markets for our products; dependence on collaborators
and other third parties for the development and commercialization of
products; problems with our manufacturing processes; failure to manage
our growth and execute our growth initiatives; failure to comply with
legal and regulatory requirements; the risks of doing business
internationally; charges and other costs relating to our properties;
risks and uncertainties relating to the timing, outcome and impact of
legal, administrative and other proceedings and disputes; fluctuations
in our effective tax rate; our ability to attract and retain qualified
personnel; uncertainty and potential liabilities relating to product
liability and intellectual property claims; the market, interest and
credit risks associated with our portfolio of marketable securities;
environmental risks; and the other risks and uncertainties that are
described in the Risk Factors section of our most recent annual or
quarterly report and in other reports we have filed with the SEC.
These statements are based on our current beliefs and expectations and
speak only as of the date of this press release. We do not undertake any
obligation to publicly update any forward-looking statements.
|
TABLE 1
|
Biogen Idec Inc. and Subsidiaries
|
Condensed Consolidated Statements of Income
|
(unaudited, in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
|
|
|
For the Nine Months
|
|
|
Ended September 30,
|
|
|
Ended September 30,
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
2013
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product, net
|
|
$
|
2,117,366
|
|
|
$
|
1,453,554
|
|
|
|
$
|
5,916,423
|
|
|
$
|
3,935,251
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated joint business
|
|
|
290,678
|
|
|
|
303,210
|
|
|
|
|
890,859
|
|
|
|
856,601
|
|
|
|
|
|
|
|
|
|
|
|
Royalty
|
|
|
67,148
|
|
|
|
54,144
|
|
|
|
|
145,348
|
|
|
|
125,076
|
|
|
|
|
|
|
|
|
|
|
|
Corporate partner
|
|
|
36,254
|
|
|
|
16,872
|
|
|
|
|
110,019
|
|
|
|
49,421
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
2,511,446
|
|
|
|
1,827,780
|
|
|
|
|
7,062,649
|
|
|
|
4,966,349
|
|
|
|
|
|
|
|
|
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales, excluding amortization of acquired intangible assets
|
|
|
302,639
|
|
|
|
234,696
|
|
|
|
|
873,771
|
|
|
|
599,173
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
417,174
|
|
|
|
410,017
|
|
|
|
|
1,393,331
|
|
|
|
1,021,820
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
570,436
|
|
|
|
405,584
|
|
|
|
|
1,658,732
|
|
|
|
1,189,194
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
|
122,431
|
|
|
|
99,998
|
|
|
|
|
382,515
|
|
|
|
233,524
|
|
|
|
|
|
|
|
|
|
|
|
Collaboration profit sharing
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
85,357
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on fair value remeasurement of contingent consideration
|
|
|
(49,433
|
)
|
|
|
(97
|
)
|
|
|
|
(46,213
|
)
|
|
|
(2,983
|
)
|
|
|
|
|
|
|
|
|
|
|
Total cost and expenses
|
|
|
1,363,247
|
|
|
|
1,150,198
|
|
|
|
|
4,262,136
|
|
|
|
3,126,085
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of rights
|
|
|
4,379
|
|
|
|
6,949
|
|
|
|
|
12,138
|
|
|
|
17,319
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
1,152,578
|
|
|
|
684,531
|
|
|
|
|
2,812,651
|
|
|
|
1,857,583
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net
|
|
|
(16,290
|
)
|
|
|
(4,640
|
)
|
|
|
|
(17,030
|
)
|
|
|
(29,525
|
)
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense and equity in loss of investee,
net of tax
|
|
|
1,136,288
|
|
|
|
679,891
|
|
|
|
|
2,795,621
|
|
|
|
1,828,058
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
274,774
|
|
|
|
186,105
|
|
|
|
|
721,709
|
|
|
|
410,753
|
|
|
|
|
|
|
|
|
|
|
|
Equity in loss of investee, net of tax
|
|
|
5,394
|
|
|
|
6,170
|
|
|
|
|
14,932
|
|
|
|
12,270
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
856,120
|
|
|
|
487,616
|
|
|
|
|
2,058,980
|
|
|
|
1,405,035
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interests, net
of tax
|
|
|
(738
|
)
|
|
|
-
|
|
|
|
|
7,660
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Biogen Idec Inc.
|
|
$
|
856,858
|
|
|
$
|
487,616
|
|
|
|
$
|
2,051,320
|
|
|
$
|
1,405,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to Biogen Idec Inc.
|
|
$
|
3.63
|
|
|
$
|
2.06
|
|
|
|
$
|
8.67
|
|
|
$
|
5.93
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to Biogen Idec Inc.
|
|
$
|
3.62
|
|
|
$
|
2.05
|
|
|
|
$
|
8.64
|
|
|
$
|
5.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in calculating:
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to Biogen Idec Inc.
|
|
|
236,217
|
|
|
|
237,070
|
|
|
|
|
236,641
|
|
|
|
237,131
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to Biogen Idec Inc.
|
|
|
236,972
|
|
|
|
238,349
|
|
|
|
|
237,449
|
|
|
|
238,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 2
|
Biogen Idec Inc. and Subsidiaries
|
Condensed Consolidated Balance Sheets
|
(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
As of
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2014
|
|
|
|
2013
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and marketable securities
|
|
$
|
1,861,346
|
|
|
$
|
1,222,729
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
1,091,232
|
|
|
|
824,406
|
|
|
|
|
|
|
Inventory
|
|
|
753,063
|
|
|
|
659,003
|
|
|
|
|
|
|
Other current assets
|
|
|
666,470
|
|
|
|
478,796
|
|
|
|
|
|
|
Total current assets
|
|
|
4,372,111
|
|
|
|
3,184,934
|
|
|
|
|
|
|
Marketable securities
|
|
|
1,371,431
|
|
|
|
625,772
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
1,724,129
|
|
|
|
1,750,710
|
|
|
|
|
|
|
Intangible assets, net
|
|
|
4,129,754
|
|
|
|
4,474,653
|
|
|
|
|
|
|
Goodwill
|
|
|
1,541,204
|
|
|
|
1,232,916
|
|
|
|
|
|
|
Investments and other assets
|
|
|
565,513
|
|
|
|
594,350
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
13,704,142
|
|
|
$
|
11,863,335
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of notes payable
|
|
$
|
3,220
|
|
|
$
|
3,494
|
|
|
|
|
|
|
Other current liabilities
|
|
|
1,937,427
|
|
|
|
1,754,785
|
|
|
|
|
|
|
Notes payable
|
|
|
583,977
|
|
|
|
592,433
|
|
|
|
|
|
|
Long-term deferred tax liability
|
|
|
90,357
|
|
|
|
232,554
|
|
|
|
|
|
|
Other long-term liabilities
|
|
|
658,276
|
|
|
|
659,231
|
|
|
|
|
|
|
Equity
|
|
|
10,430,885
|
|
|
|
8,620,838
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
$
|
13,704,142
|
|
|
$
|
11,863,335
|
|
|
|
|
|
|
|
|
|
TABLE 3
|
Biogen Idec Inc. and Subsidiaries
|
GAAP to Non-GAAP Reconciliation: Net Income and Net Income Per
Share
|
(unaudited, in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
|
|
For the Nine Months
|
|
|
Ended September 30,
|
|
Ended September 30,
|
EARNINGS PER SHARE
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings per share - Diluted
|
|
$
|
3.62
|
|
|
$
|
2.05
|
|
|
$
|
8.64
|
|
|
$
|
5.89
|
|
Adjustments to net income attributable to Biogen Idec Inc. (as
detailed below)
|
|
|
0.18
|
|
|
|
0.31
|
|
|
|
1.11
|
|
|
|
0.73
|
|
Non-GAAP earnings per share - Diluted
|
|
$
|
3.80
|
|
|
$
|
2.35
|
|
|
$
|
9.75
|
|
|
$
|
6.62
|
|
|
|
|
|
|
|
|
|
|
An itemized reconciliation between net income attributable to Biogen
Idec Inc. on a GAAP basis and on a non-GAAP basis is as follows:
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to Biogen Idec Inc.
|
|
$
|
856.9
|
|
|
$
|
487.6
|
|
|
$
|
2,051.3
|
|
|
$
|
1,405.0
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
|
118.7
|
|
|
|
97.1
|
|
|
|
371.5
|
|
|
|
225.2
|
|
(Gain) loss on fair value remeasurement of contingent consideration
|
|
|
(49.4
|
)
|
|
|
(0.1
|
)
|
|
|
(46.2
|
)
|
|
|
(3.0
|
)
|
SG&A: Stock option expense
|
|
|
1.4
|
|
|
|
1.3
|
|
|
|
5.4
|
|
|
|
4.2
|
|
R&D: Stock option expense
|
|
|
1.2
|
|
|
|
1.2
|
|
|
|
4.8
|
|
|
|
3.6
|
|
Donation to Biogen Idec Foundation
|
|
|
-
|
|
|
|
-
|
|
|
|
35.0
|
|
|
|
-
|
|
Income tax effect related to reconciling items
|
|
|
(29.2
|
)
|
|
|
(26.0
|
)
|
|
|
(106.2
|
)
|
|
|
(55.7
|
)
|
Non-GAAP net income attributable to Biogen Idec Inc.
|
|
$
|
899.6
|
|
|
$
|
561.1
|
|
|
$
|
2,315.6
|
|
|
$
|
1,579.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Full Year Guidance: GAAP to Non-GAAP Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
An itemized reconciliation between projected net income attributable
to Biogen Idec Inc. and diluted earnings per share on a GAAP basis
and on a non-GAAP basis is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
Shares
|
|
Diluted EPS
|
|
|
Projected GAAP net income attributable to Biogen Idec Inc.
|
|
|
2,860
|
|
|
|
237
|
|
|
$
|
12.05
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
|
470
|
|
|
|
|
|
|
|
(Gain) loss on fair value remeasurement of contingent consideration
|
|
|
(44
|
)
|
|
|
|
|
|
|
Stock option expense
|
|
|
13
|
|
|
|
|
|
|
|
Donation to Biogen Idec Foundation
|
|
|
35
|
|
|
|
|
|
|
|
Income tax effect related to reconciling items
|
|
|
(130
|
)
|
|
|
|
|
|
|
Projected Non-GAAP net income attributable to Biogen Idec Inc.
|
|
|
3,204
|
|
|
|
237
|
|
|
$
|
13.50
|
|
|
|
|
|
|
|
|
|
|
|
|
Numbers may not foot due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial Measures
We supplement our consolidated financial statements presented on a GAAP
basis by providing additional measures which may be considered
"non-GAAP" financial measures under applicable SEC rules. We believe
that the disclosure of these non-GAAP financial measures provides
additional insight into the ongoing economics of our business and
reflects how we manage our business internally, set operational goals
and forms the basis of our management incentive programs. These non-GAAP
financial measures are not in accordance with generally accepted
accounting principles in the United States and should not be viewed in
isolation or as a substitute for reported, or GAAP, net income
attributable to Biogen Idec Inc. and diluted earnings per share.
Our "Non-GAAP net income attributable to Biogen Idec Inc." and "Non-GAAP
earnings per share - Diluted" financial measures exclude the following
items from GAAP net income attributable to Biogen Idec Inc. and diluted
earnings per share:
1. Purchase accounting and merger-related
adjustments.
We exclude certain purchase accounting related items associated with the
acquisition of businesses, assets and amounts in relation to the
consolidation of variable interest entities for which we are the primary
beneficiary. These adjustments include charges for in-process research
and development, the amortization of certain acquired intangible assets
and fair value remeasurements of our contingent consideration
obligations. The exclusion of these charges provides management and
investors with a supplemental measure of performance which the Company
believes better reflects the underlying economics of the business.
2. Stock option expense recorded in accordance
with the accounting standard for share-based payments.
We believe that excluding the impact of expensing stock options better
reflects the recurring economic characteristics of our business.
3. Other items.
We evaluate other items on an individual basis, and consider both the
quantitative and qualitative aspects of the item, including (i) its size
and nature, (ii) whether or not it relates to our ongoing business
operations, and (iii) whether or not we expect it to occur as part of
our normal business on a regular basis. We also include an adjustment to
reflect the related tax effect of all reconciling items within our
reconciliation of our GAAP to Non-GAAP net income attributable to Biogen
Idec Inc.
|
TABLE 4
|
Biogen Idec Inc. and Subsidiaries
|
Product Revenues
|
(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
|
|
|
For the Nine Months
|
|
|
Ended September 30,
|
|
|
Ended September 30,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
PRODUCT REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multiple Sclerosis (MS):
|
|
|
|
|
|
|
|
|
|
AVONEX
|
|
$
|
741,848
|
|
$
|
733,449
|
|
|
$
|
2,277,094
|
|
$
|
2,253,963
|
PLEGRIDY
|
|
|
3,382
|
|
|
-
|
|
|
|
3,382
|
|
|
-
|
TECFIDERA
|
|
|
787,122
|
|
|
286,366
|
|
|
|
1,993,212
|
|
|
478,500
|
TYSABRI
|
|
|
501,237
|
|
|
400,995
|
|
|
|
1,475,722
|
|
|
1,099,906
|
|
|
|
|
|
|
|
|
|
|
Hemophilia:
|
|
|
|
|
|
|
|
|
|
ALPROLIX
|
|
|
25,305
|
|
|
-
|
|
|
|
35,702
|
|
|
-
|
ELOCTATE
|
|
|
21,560
|
|
|
-
|
|
|
|
21,560
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Other product revenues:
|
|
|
|
|
|
|
|
|
|
FAMPYRA
|
|
|
20,384
|
|
|
16,691
|
|
|
|
61,660
|
|
|
56,705
|
FUMADERM
|
|
|
16,528
|
|
|
16,053
|
|
|
|
48,091
|
|
|
46,177
|
|
|
|
|
|
|
|
|
|
|
Total product revenues, net
|
|
$
|
2,117,366
|
|
$
|
1,453,554
|
|
|
$
|
5,916,423
|
|
$
|
3,935,251
|
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