UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 7, 2005
Biogen Idec Inc.
Delaware (State or other jurisdiction of incorporation) |
0-19311 (Commission File Number) |
33-0112644 (I.R.S. Employer Identification No.) |
14 Cambridge Center, Cambridge, Massachusetts (Address of principal executive offices) |
02142 (Zip Code) |
Registrants telephone number, including area code: (617) 679-2000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02 Results of Operations and Financial Condition. | ||||||||
SIGNATURES | ||||||||
EXHIBIT INDEX | ||||||||
EX-99.1 Press Release Dated February 7, 2005 |
ITEM 2.02 Results of Operations and Financial Condition.
The press release attached as Exhibit 99.1 includes information with respect to the following: (a) the Registrants adjusted non-GAAP earnings per share and net income for the fourth quarter and full year 2004, and (b) the Registrants adjusted pro forma non-GAAP earnings per share, net income and revenues for the fourth quarter and full year 2003. These are non-GAAP financial measures.
The non-GAAP financial measures for the fourth quarter and full year 2004 exclude merger-related impacts and other non-operating charges. The non-GAAP financial measures for the fourth quarter and full year 2003 include revenue and expenses from the former Biogen, Inc. and exclude merger-related impacts and other non-operating charges of the former Biogen, Inc. and former IDEC Pharmaceuticals Corporation.
Management believes that the non-GAAP financial measures provide useful information to investors. In particular, management believes that they allow investors to monitor and evaluate the Registrants ongoing operating results and trends and gain a better understanding of the Registrants business, period-to-period performance, and prospects for future performance.
This press release is being furnished pursuant to Item 2.02 of this Current Report on Form 8-K and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities of that Section, nor shall such documents be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Biogen Idec Inc. | ||||
By: | /s/ Anne Marie Cook | |||
Anne Marie Cook | ||||
Vice President, Chief Corporate Counsel | ||||
Date: February 7, 2005 |
EXHIBIT INDEX
Exhibit | ||
Number | Description | |
99.1
|
The Registrants Press Release dated February 7, 2005. |
EXHIBIT 99.1
Page 1 Biogen Idec Reports Fourth Quarter and Full Year 2004 Earnings
Media Contact:
Jose Juves
Associate Director, Public Affairs
Biogen Idec
Tel: (617) 914-6524
Investment Community Contact:
Elizabeth Woo
Senior Director, Investor Relations
Biogen Idec
Tel: (617) 679-2812
FOR IMMEDIATE RELEASE
Biogen Idec Reports Fourth Quarter and Full Year 2004 Results
Cambridge, MA, February 7, 2005 Biogen Idec Inc. (NASDAQ: BIIB), the worlds third largest biotech company with leading products and capabilities in oncology and immunology, today reported its fourth quarter and full year 2004 results.
Fourth Quarter & Full Year Highlights
| Total revenues in 2004 exceeded $2.20 billion vs. prior year $679 million (adjusted pro forma of $1.85 billion, an increase of 19%), driven primarily by AVONEXÒ (Interferon beta-1a) sales up 21% (adjusted pro forma non-GAAP) to $1.42 billion and RITUXANÒ (rituximab) co-promotion profits up 25% to $615 million. | |||
| Fourth quarter revenues were $586 million vs. prior year $300 million (adjusted pro forma non-GAAP of $491 million, an increase of 19%), driven primarily by AVONEX sales up 19% (adjusted pro forma non-GAAP) to $370 million and RITUXAN co-promotion profits up 31% to $170 million. | |||
| On a reported basis, calculated in accordance with U.S. generally accepted accounting principles (GAAP), full year earnings per share (EPS) were $0.13; excluding merger-related accounting impacts and other non-operating charges, adjusted pro forma non-GAAP EPS were $1.44. Fourth quarter GAAP earnings per share (EPS) were $0.14; |
Page 2 Biogen Idec Reports Fourth Quarter and Full Year 2004 Earnings
excluding merger-related accounting impacts and other non-operating charges, adjusted pro forma non-GAAP EPS were $0.34.
| In November, Biogen Idec and Elan Corporation, plc announced that the U.S. Food and Drug Administration (FDA) approved TYSABRI® (natalizumab), formerly referred to as ANTEGREN®, as treatment for relapsing forms of multiple sclerosis (MS) to reduce the frequency of clinical relapses. |
James Mullen, Biogen Idecs Chief Executive Officer, commented, Biogen Idec had a momentous year in 2004, highlighted by the approval of TYSABRI based on one-year data. Our major R&D programs experienced their most productive year and strong performance in AVONEX and RITUXAN fueled revenue growth of 19% to $2.2 billion. This puts us on track to meet our long-term goals of achieving approximately 15% top and 20% bottom line operating performance.
Financial Performance
On an adjusted non-GAAP basis, Biogen Idec reported net income of $121 million in the fourth quarter of 2004 (Q4 2003 adjusted pro forma non-GAAP: $91 million) and $518 million for the full year 2004 (2003 adjusted pro forma non-GAAP: $432 million). Adjusted non-GAAP EPS was $0.34 for the fourth quarter of 2004 (Q4 2003 adjusted pro forma non-GAAP: $0.25) and $1.44 for the full year 2004 (2003 adjusted pro forma non-GAAP: $1.22).
These adjustments are itemized on the attached reconciliation tables. Adjusted non-GAAP EPS and net income for the fourth quarter and full year of 2004 exclude merger-related accounting impacts, such as amortization of intangibles, impairment of intangibles, inventory step up, and other merger-related charges, and other non-operating charges. Adjusted pro forma non-GAAP EPS and net income for the fourth quarter and full year of 2003 include revenue and expenses from the former Biogen, Inc. from January 1 to November 12, 2003 (date of merger) but excludes similar merger-related accounting impacts excluded from fourth quarter and full year 2004 adjusted non-GAAP EPS and other non-operating charges of the former Biogen, Inc. and IDEC Pharmaceuticals Corporation.
On a reported basis, calculated in accordance with GAAP, Biogen Idec reported net income of $48 million (or EPS of $0.14) in the fourth quarter of 2004 and net income of $45 million (or EPS of $0.13) for the full year 2004. The difference between adjusted non-GAAP net income and EPS and GAAP net income and EPS in the fourth quarter and full year were primarily due to non-cash merger-related accounting impacts of $88 million and $656 million, respectively. Full year 2004 was also impacted by a $13 million write-down of certain investments.
Revenue Performance
Page 3 Biogen Idec Reports Fourth Quarter and Full Year 2004 Earnings
Revenues from AVONEX, Biogen Idecs therapy for patients with relapsing forms of MS, increased 19 % in the fourth quarter to $370 million (Q4 2003 adjusted pro forma non-GAAP: $310 million). Full year AVONEX sales increased 21 % to $1.42 billion (2003 adjusted pro forma non-GAAP: $1.17 billion). In 2004, U.S. sales were $922 million and international sales were $495 million.
Revenues from AMEVIVEÒ (alefacept), Biogen Idecs treatment for moderate-to-severe chronic plaque psoriasis, were $10 million in the fourth quarter (Q4 2003 adjusted pro forma non-GAAP: $17 million) and $43 million for the full year (2003 adjusted pro forma non-GAAP: $40 million).
Revenues from ZEVALINÒ (ibritumomab tiuxetan), Biogen Idecs radioimmunotherapeutic agent for relapsed or refractory low-grade, follicular or transformed B-cell non-Hodgkins lymphoma (NHL), were $8 million in the fourth quarter of 2004 (Q4 2003: $5 million) and $23 million for the full year (2003: $20 million).
Revenues from TYSABRI, Biogen Idecs therapy for patients with relapsing forms of MS, were $3 million in the fourth quarter.
Revenues for the fourth quarter of 2004 and full year 2004 included $170 million (Q4 2003: $130 million) and $615 million (2003: $493 million), respectively, from Biogen Idecs joint business arrangement with Genentech, Inc. related to RITUXAN, a treatment for certain B-cell non-Hodgkins lymphomas that Biogen Idec co-promotes in the U.S. with Genentech. All U.S. sales of RITUXAN are recognized by Genentech, and Biogen Idec records its share of the pretax co-promotion profits on a quarterly basis. U.S. net sales of RITUXAN were $429 million in the fourth quarter (Q4 2003: $369 million) and $1.57 billion for the full year (2003: $1.36 billion), as reported by Genentech.
Royalties were $25 million in the fourth quarter (Q4 2003 adjusted pro forma non-GAAP: $27 million) and $98 million for the full year (2003 adjusted pro forma non-GAAP: $127 million).
Financial Guidance
Biogen Idec today reaffirmed its long-term goal of achieving 15% compound annual revenue growth, and approximately 20% compound annual earnings per share (adjusted pro forma non-GAAP) growth through 2007.
Given the launch investments behind TYSABRI, the Company is anticipating low double-digit growth for revenue and adjusted non-GAAP earnings in 2005. On this non-GAAP basis, the Company expects operating expenses to grow 1214% over 2004 levels and its effective tax rate for 2005 to be in the range of 3133%. As a result, the Company estimates that its 2005 non-GAAP earnings per share will be in the range of $1.60 to the low $1.70s.
The Company anticipates that 2005 capital expenditures will be in the range of $400 $475 million. A significant portion of these expenditures will be directed towards the
Page 4 Biogen Idec Reports Fourth Quarter and Full Year 2004 Earnings
completion of the Oceanside manufacturing facility and the construction of a large-scale manufacturing facility in Denmark.
Fourth Quarter 2004 Highlights
| On December 21, 2004, Biogen Idec and Elan announced the initiation of a head-to-head study comparing the safety and efficacy of TYSABRI to Rebif® (Interferon beta-1a). STARS (Study of TYSABRI Against Rebif in relapsing multiple sclerosis), is a randomized, assessor-blinded, parallel group study that will enroll more than 1,000 MS patients in North and South America, Europe, Australia, Turkey and Israel. Rebif is a registered trademark of Serono S.A. | |||
| On November 23, 2004, Biogen Idec and Elan announced that the FDA approved TYSABRI as treatment for relapsing forms of MS to reduce the frequency of clinical relapses. FDA granted accelerated approval for TYSABRI following priority review based on one-year data from two Phase III studies, the AFFIRM monotherapy trial and the SENTINEL add-on trial with AVONEX. | |||
| On November 1, 2004, Biogen Idec, Genentech and Roche announced that DANCER, a Phase IIb clinical study of RITUXAN in patients with moderate-to-severe rheumatoid arthritis who were also treated with methotrexate, met its primary endpoint. A significantly greater proportion of RITUXAN plus methotrexate-treated patients achieved an American College of Rheumatology (ACR) 20 response at week 24, compared to placebo. | |||
| Biogen Idec announced on October 13, 2004, that Health Canada has authorized AMEVIVE for sale in Canada. AMEVIVE, the first biologic approved for psoriasis in Canada, will be marketed for the treatment of patients with moderate-to-severe chronic plaque psoriasis who are candidates for systemic therapy or phototherapy. | |||
| On October 6, 2004, ImmunoGen, Inc. and Biogen Idec announced that Biogen Idec licensed exclusive rights to develop and commercialize anti-cancer therapeutics that comprise an antibody developed by Biogen Idec to an undisclosed tumor cell target and ImmunoGens proprietary Tumor-Activated Prodrug (TAP) technology. |
Conference Call and Webcast
The Companys earnings conference call for the fourth quarter will be broadcast via the internet at 5:00 p.m. ET on February 7, 2005, and will be accessible through the investor relations section of Biogen Idecs homepage, http://www.biogenidec.com.
Page 5 Biogen Idec Reports Fourth Quarter and Full Year 2004 Earnings
About Biogen Idec
Biogen Idec creates new standards of care in oncology and immunology. As a global leader in the development, manufacturing, and commercialization of novel therapies, Biogen Idec transforms scientific discoveries into advances in human healthcare. 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 regarding expected future financial results and plans for our development programs, including TYSABRI.
These statements are based on the Companys current beliefs and expectations. A number of risks and uncertainties could cause actual results to differ materially. For example, financial results, including future revenue and EPS growth, anticipated levels of expenses, other statements regarding future financial performance, and overall prospects for the Companys products may be affected by a number of factors, including the degree and timing of market acceptance of TYSABRI, any unexpected slowing of growth of the markets for AVONEX and RITUXAN, any change in market acceptance of these products in key markets worldwide, the impact of reimbursement and pricing decisions related to the Companys products, particularly TYSABRI, the impact of competitive products on the Companys products, any material decreases in sales by licensees of products on which the Company receives royalties, the impact of litigation, the impact of costs related to the launch of TYSABRI, any unanticipated increase in expenses related to in-licensing and product opportunities, increases in costs related to development of new products and existing products in new indications, and any material issues, delays or failures related to the manufacturing or supply of the Companys products.
Drug development and commercialization involve a high degree of risk. For example, our development and commercialization of TYSABRI as a treatment for MS could be negatively affected if unexpected concerns arise from additional data, including the two-year data from the Phase 3 trial, once unblinded, or if we were to encounter other unexpected hurdles.
For more detailed information on the risks and uncertainties associated with these forward looking statements and the Companys other activities see the periodic reports filed by the Company with the Securities and Exchange Commission. The Company does not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.
TABLE 1
Financial Results For The Fourth Quarter and Full Year of 2004
Condensed Consolidated Statements Of Income GAAP Basis
(in thousands, except per share amounts)
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||||||
REVENUES |
||||||||||||||||
Product |
$ | 390,929 | $ | 156,492 | $ | 1,486,344 | $ | 171,561 | ||||||||
Revenue from unconsolidated joint business |
169,972 | 129,813 | 614,591 | 493,049 | ||||||||||||
Royalties |
24,910 | 12,010 | 98,281 | 12,010 | ||||||||||||
Corporate partner |
153 | 1,531 | 10,530 | 2,563 | ||||||||||||
Total Revenues |
585,964 | 299,846 | 2,209,746 | 679,183 | ||||||||||||
COST AND EXPENSES |
||||||||||||||||
Cost of product and royalty revenues |
66,586 | 279,457 | 537,541 | 284,739 | ||||||||||||
Research and development |
188,504 | 111,954 | 686,722 | 233,337 | ||||||||||||
Selling, general and administrative |
174,340 | 99,614 | 576,228 | 174,596 | ||||||||||||
Acquisition of in-process research and development |
| 823,000 | | 823,000 | ||||||||||||
Amortization of acquired intangible assets |
80,455 | 33,180 | 347,677 | 33,180 | ||||||||||||
Total Cost and Expenses |
509,885 | 1,347,205 | 2,148,168 | 1,548,852 | ||||||||||||
Income (loss) from Operations |
76,079 | (1,047,359 | ) | 61,578 | (869,669 | ) | ||||||||||
Other income (expense), net |
14,947 | (19,504 | ) | 31,513 | (10,955 | ) | ||||||||||
INCOME (LOSS) BEFORE INCOME TAXES |
91,026 | (1,066,863 | ) | 93,091 | (880,624 | ) | ||||||||||
Income taxes (benefit) |
42,672 | (76,296 | ) | 48,340 | (5,527 | ) | ||||||||||
NET INCOME (LOSS) |
$ | 48,354 | $ | (990,567 | ) | $ | 44,751 | $ | (875,097 | ) | ||||||
BASIC EARNINGS (LOSS) PER SHARE |
$ | 0.14 | $ | (4.03 | ) | $ | 0.13 | $ | (4.92 | ) | ||||||
DILUTED EARNINGS (LOSS) PER SHARE |
$ | 0.14 | $ | (4.03 | ) | $ | 0.13 | $ | (4.92 | ) | ||||||
SHARES USED IN CALCULATING: |
||||||||||||||||
BASIC EARNINGS (LOSS) PER SHARE |
334,491 | 245,831 | 334,996 | 177,982 | ||||||||||||
DILUTED EARNINGS (LOSS) PER SHARE |
362,098 | 245,831 | 343,475 | 177,982 | ||||||||||||
TABLE 2
Condensed Consolidated Balance Sheets
(dollars in thousands)
Dec. 31, 2004 | Dec. 31, 2003 | |||||||
Assets: |
||||||||
Current assets |
||||||||
Cash, cash equivalents and securities available-for-sale |
$ | 536,667 | $ | 835,959 | ||||
Accounts receivable, net |
277,973 | 198,524 | ||||||
Inventory |
270,528 | 496,349 | ||||||
Other current assets |
383,528 | 307,832 | ||||||
Total current assets |
1,468,696 | 1,838,664 | ||||||
Long-term securities available-for-sale |
1,630,899 | 1,502,327 | ||||||
Property and equipment, net |
1,523,207 | 1,252,783 | ||||||
Intangible assets, net |
3,292,827 | 3,638,812 | ||||||
Goodwill |
1,151,105 | 1,151,066 | ||||||
Other |
172,104 | 120,293 | ||||||
Total assets |
$ | 9,238,838 | $ | 9,503,945 | ||||
Liabilities and shareholders equity |
||||||||
Current liabilities |
$ | 514,552 | $ | 404,825 | ||||
Long-term deferred tax liability |
977,560 | 1,108,318 | ||||||
Non-current liabilities |
904,281 | 937,474 | ||||||
Shareholders equity |
6,842,445 | 7,053,328 | ||||||
Total liabilities and shareholders equity |
$ | 9,238,838 | $ | 9,503,945 | ||||
TABLE 3
Financial Results For The Fourth Quarter and Full Year 2004
Condensed Consolidated Statements Of Income Operating Basis
(in millions, except per share amounts)
The non-GAAP financial measures presented below are utilized by Biogen Idec management to gain an understanding of the comparative financial performance of the Company. Management believes that the non-GAAP financial measures are useful because they exclude those non-operational activities or transactions that are not necessarily relevant to understanding the trends of the Company or the prospects of future performance. The presentation of this information is not meant to be considered in isolation or as a substitute for GAAP financial measures. Numbers may not foot due to rounding.
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||||||
REVENUES |
||||||||||||||||
Product |
$ | 390.9 | $ | 332.0 | $ | 1,486.3 | $ | 1,228.5 | ||||||||
Revenue from unconsolidated joint business |
170.0 | 129.8 | 614.6 | 493.0 | ||||||||||||
Royalties |
24.9 | 26.8 | 98.3 | 127.2 | ||||||||||||
Corporate partner |
0.2 | 2.5 | 10.5 | 3.6 | ||||||||||||
Total Revenues |
586.0 | 491.1 | 2,209.7 | 1,852.4 | ||||||||||||
COST AND EXPENSES |
||||||||||||||||
Cost of product and royalty revenues |
62.2 | 79.1 | 242.0 | 230.5 | ||||||||||||
Research and development |
188.4 | 159.7 | 683.7 | 534.4 | ||||||||||||
Selling, general and administrative |
171.8 | 136.7 | 566.9 | 508.1 | ||||||||||||
Total Cost and Expenses |
422.4 | 375.5 | 1,492.6 | 1,273.0 | ||||||||||||
Income from Operations |
163.6 | 115.6 | 717.1 | 579.4 | ||||||||||||
Other income, net |
14.9 | 16.0 | 44.2 | 52.6 | ||||||||||||
INCOME BEFORE INCOME TAXES |
178.6 | 131.6 | 761.4 | 632.0 | ||||||||||||
Income taxes |
57.2 | 40.2 | 243.6 | 200.4 | ||||||||||||
NET INCOME |
$ | 121.4 | $ | 91.4 | $ | 517.7 | $ | 431.7 | ||||||||
Numerator: |
||||||||||||||||
Net Income |
$ | 121.4 | $ | 91.4 | $ | 517.7 | $ | 431.7 | ||||||||
Net Income allocable to participating securities (I) |
(0.2 | ) | (0.6 | ) | (0.8 | ) | (2.8 | ) | ||||||||
Net Income used in calculating basic eps |
$ | 121.2 | $ | 90.8 | $ | 517.0 | $ | 428.8 | ||||||||
Net adjustment for interest expense |
2.3 | 0.4 | 9.1 | 9.4 | ||||||||||||
Net income used in calculating diluted eps |
$ | 123.5 | $ | 91.2 | $ | 526.1 | $ | 438.2 | ||||||||
Shares used in calculation of earnings per share: |
||||||||||||||||
Denominator |
||||||||||||||||
Weighted average number of common shares outstanding |
334.5 | 328.1 | 335.0 | 327.3 | ||||||||||||
Effect of dilutive securities: stock options, convertible
preferred stock, convertible promissory notes |
27.6 | 30.2 | 30.4 | 30.4 | ||||||||||||
Dilutive potential common shares |
362.1 | 358.3 | 365.4 | 357.8 | ||||||||||||
Earnings per share: |
||||||||||||||||
Basic |
$ | 0.36 | $ | 0.28 | $ | 1.54 | $ | 1.31 | ||||||||
Diluted |
$ | 0.34 | $ | 0.25 | $ | 1.44 | $ | 1.22 | ||||||||
An itemized reconciliation between net income on a GAAP basis is as follows: |
||||||||||||||||
GAAP Net Income/(loss) |
$ | 48.4 | ($990.6 | ) | $ | 44.8 | ($875.1 | ) | ||||||||
Pre-merger Biogen, Inc. Product Revenue |
| 175.5 | | 1,056.9 | ||||||||||||
Pre-merger Biogen, Inc. Royalty Revenue |
| 14.8 | | 115.2 | ||||||||||||
Pre-merger Biogen, Inc. Corporate Partner Revenue |
| 1.0 | | 1.0 | ||||||||||||
Fair value step up of inventory acquired from former Biogen, Inc. |
4.4 | 231.6 | 295.5 | 231.6 | ||||||||||||
Pre-merger Biogen, Inc. Cost of Sales |
| (33.0 | ) | | (179.2 | ) | ||||||||||
Royalties related to Corixa Settlement |
| 1.8 | | 1.8 | ||||||||||||
Pre-merger Biogen, Inc. R&D, net of intercompany transactions |
| (47.7 | ) | | (301.1 | ) | ||||||||||
Pre-merger Biogen, Inc. SG&A |
| (50.4 | ) | | (346.7 | ) | ||||||||||
Merger
related costs (severance and consulting) |
2.6 | 13.3 | 12.4 | 13.2 | ||||||||||||
Amortization
of acquired intangible assets related to the merger with former
Biogen, Inc. |
80.5 | 33.2 | 347.7 | 33.2 | ||||||||||||
Acquisition of in-process research and development |
| 823.0 | | 823.0 | ||||||||||||
Pre-merger Biogen, Inc. Other income |
| 4.8 | | 32.9 | ||||||||||||
Represents write down of certain investments |
| | 12.7 | | ||||||||||||
Charges associated with Charitable Donations and Legal Settlements |
| 30.7 | | 30.7 | ||||||||||||
Income tax effect of reconciling items |
(14.5 | ) | (116.5 | ) | (195.3 | ) | (205.8 | ) | ||||||||
Non-GAAP Net Income |
$ | 121.4 | $ | 91.4 | $ | 517.7 | $ | 431.7 | ||||||||
Adjustments were made to conform prior periods to current year presentation including adoption of EITF 03-06, which requires allocation of income to certain holders of equity and debt instruments and the immaterial correction of a non-GAAP elimination of intercompany activities between legacy pre-merger companies.
Table 4
Biogen Idec Inc
Product Revenues for Fourth Quarter and Full Year 2004
(in thousands)
The non-GAAP pro forma financial measures presented below are utilized by Biogen Idec management to gain an understanding of the comparative revenue performance of the Company. Management believes that the non-GAAP financial measures are useful because they include those non-GAAP activities or transactions that may be relevant to obtaining an understanding of the trends of the Company or the prospects of future performance.
Three Months Ended | ||||||||||||||||
December 31, | ||||||||||||||||
2004 | 2003 | |||||||||||||||
U.S. GAAP | U.S. GAAP | Biogen Revenue | Pro Forma | |||||||||||||
Revenue | Revenue | Pre-merger (a) | Combined Revenue | |||||||||||||
PRODUCT REVENUES |
||||||||||||||||
Avonex® |
$ | 369,675 | $ | 142,603 | $ | 167,513 | $ | 310,116 | ||||||||
Amevive® |
9,705 | 9,356 | 7,984 | 17,340 | ||||||||||||
Tysabri® |
3,121 | | | | ||||||||||||
Zevalin® |
8,427 | 4,533 | | 4,533 | ||||||||||||
Total Product Revenues |
$ | 390,929 | $ | 156,492 | $ | 175,497 | $ | 331,989 | ||||||||
(a) Represents former Biogen, Inc. revenue that is not included in GAAP revenues.
Twelve Months Ended | ||||||||||||||||
December 31, | ||||||||||||||||
2004 | 2003 | |||||||||||||||
U.S. GAAP | U.S. GAAP | Biogen Revenue | Pro Forma | |||||||||||||
Revenue | Revenue | Pre-merger (a) | Combined Revenue | |||||||||||||
PRODUCT REVENUES |
||||||||||||||||
Avonex® |
$ | 1,417,157 | $ | 142,603 | $ | 1,025,874 | $ | 1,168,477 | ||||||||
Amevive® |
43,030 | 9,356 | 31,058 | 40,414 | ||||||||||||
Tysabri® |
3,121 | | | | ||||||||||||
Zevalin® |
23,036 | 19,602 | | 19,602 | ||||||||||||
Total Product Revenues |
$ | 1,486,344 | $ | 171,561 | $ | 1,056,932 | $ | 1,228,493 | ||||||||