# 4: Biogen Inc.

PAST GLOBE 100 RANKING 1997: 17 1996: - 1995: - 1994: 100 1993: 5 1992: - 1991: 93 1990: - 1989: -

iogen is riding sales of Avonex, its treatment for multiple sclerosis, to a markedly improved economic performance.

In 1997, Biogen set new company records for revenues ($434 million), net income ($89.2 million), and diluted earnings per share ($1.17). ''It's made a tremendous change in our whole financial profile,'' said Kathryn R. Bloom, Biogen's director of communications. cl10.6

The Cambridge-based biotechnology company won approval for domestic distribution of Avonex in May 1996 and approval processes have continued in Canada and Europe, brightening earnings reports and providing hope that the performance can be sustained.

Since its introduction, and despite the introduction of two competitors in the interim, Avonex has captured 60 percent of the market, Biogen officials said. Sales grew in both the United States and Europe in the first quarter of 1998, with revenues totaling $76.1 million, an increase of 45 percent over the first quarter of last year.

''We are now entering a phase of rapid sales growth in Europe,'' said Biogen chief executive Jim Tobin.

Meanwhile, royalties from the sale of hepatitis B vaccines and Intron, a medication for cancer and viral indications, are strong, according to company reports. Both drugs are marketed by other firms.

Biogen officials said they are moving along in the development of drugs for the treatment of psoriasis, edema, congestive heart failure, lupus, and asthma. Biogen's future earnings will be based largely on the ease of bringing those drugs to market and the continued performance of Avonex.

Meanwhile, Biogen this month won a class-action lawsuit accusing it of inflating its stock price by misrepresenting progress reports on the development of the blood thinner Hirulog, which since has been sold to another company for development.