[April 23, 2014] |
|
Biogen Idec First Quarter 2014 Revenues Reach $2.1 Billion Driven by Continued Strength of MS Franchise
CAMBRIDGE, Mass. --(Business Wire)--
Biogen Idec Inc. (NASDAQ: BIIB) today reported first quarter 2014
results, including revenue of $2.1 billion, a 51% increase compared to
the first quarter of 2013. The revenue growth year-over-year was driven
by strong TECFIDERA performance and from recording 100% of TYSABRI®
revenues following our acquisition of complete rights for the asset in
the second quarter of 2013. First quarter 2014 non-GAAP diluted earnings
per share (EPS) were $2.47, an increase of 25% over the first quarter of
2013. Non-GAAP net income attributable to Biogen Idec for the year was
$587 million, an increase of 25% over the first quarter of 2013.
On a reported basis, GAAP diluted EPS for the first quarter of 2014 were
$2.02, an increase of 13% over the first quarter of 2013. GAAP net
income attributable to Biogen Idec for the first quarter of 2014 was
$480 million, an increase of 12% versus the same period in the prior
year. (A reconciliation of GAAP to Non-GAAP quarterly financial results
and 2014 guidance can be found in Table 3 at the end of this release).
Diluted GAAP and non-GAAP EPS were reduced by approximately 35 cents as
a result of a $118 million R&D expense related our new Alzheimer's
disease collaboration agreement with Eisai.
"Biogen Idec started 2014 on a strong note with the approval of
TECFIDERA for MS patients in Europe and ALPROLIX for hemophilia B
patients in the United States and Canada," said Chief Executive Officer
George A. Scangos, Ph.D. "Following an excellent first year of sales in
the U.S., TECFIDERA is off to a solid start in Germany, with plans to
launch in additional countries in the coming months. Through the
remainder of 2014 we anticipate regulatory decisions on new products for
hemophilia and MS, and several important early-stage proof-of-concept
and clinical study read-outs - and through our collaboration with Eisai
we are building one of the broadest research portfolios targeting
Alzheimer's disease."
First Quarter 2014 Performance Highlights
-
AVONEX® revenues increased 2% compared to the first quarter
of 2013 to $761 million. The total was primarily comprised of $476
million in U.S. sales and approximately $285 million in sales outside
the U.S.
-
TYSABRI revenues increased by 41% to $441 million as a result of
recording 100% of TYSABRI revenues following our acquisition of
complete rights to the asset in the second quarter of 2013. Global
in-market sales for TYSABRI for the first quarter of 2014 decreased 3%
compared to the first quarter of 2013.
-
TECFIDERA revenues were $506 million. The total was comprised of $460
million in U.S. sales and approximately $46 million in sales outside
the U.S.
-
RITUXAN® and GAZYVATM net revenues from our
unconsolidated joint business arrangement were $297 million.
Other Financial Results
-
Revenues for FAMPYRA® and FUMADERMTM totaled $35
million in the first quarter of 2014, compared to $38 million in the
first quarter of 2013.
-
Royalty revenues totaled $38 million in the first quarter of 2014,
compared to $33 million in the first quarter of 2013.
-
Corporate partner revenues totaled $52 million in the first quarter of
2014 compared to $22 million in the first quarter of 2013.
-
As of March 31, 2014, Biogen Idec had cash, cash equivalents and
marketable securities totaling approximately $2.0 billion.
Updated 2014 Financial Guidance
Biogen Idec also increased its full year 2014 financial guidance. This
guidance consists of the following components:
-
Revenue growth is expected to be approximately 26% to 28%.
-
R&D expense is expected to be approximately 20% to 22% of total
revenue.
-
Our full year guidance for R&D expense continues to earmark
approximately $200 million for new early stage business
development opportunities, of which the Eisai transaction is
included in this amount.
-
SG&A expense is expected to be approximately 22% to 23% of total
revenue.
-
Non-GAAP diluted EPS is expected to be between $11.35 and $11.45.
-
GAAP diluted EPS is expected to be between $9.85 and $9.95.
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
-
On February 3, 2014, TECFIDERA (dimethyl fumarate) was approved by the
European Commission as a first-line oral treatment for people with
relapsing-remitting multiple sclerosis, the most common form of
multiple sclerosis.
-
In March 2014, the U.S. Food and Drug Administration (FDA) extended
the initial Prescription Drug User Fee Act date for its review of the
Biologics License Application (BLA) for marketing approval of
PLEGRIDY™, a subcutaneous peginterferon beta-1a candidate for
relapsing forms of multiple sclerosis. The company now anticipates a
U.S. launch of PLEGRIDY in the second half of 2014.
Hemophilia Events
-
On March 21, 2014, Health Canada approved ALPROLIX™ [Coagulation
Factor IX (Recombinant), Fc Fusion Protein], for the control and
prevention of bleeding episodes and routine prophylaxis in adults and
children aged 12 and older, with hemophilia B. In Canada, ALPROLIX is
the first approved long-acting hemophilia B therapy and is indicated
to prevent or reduce the frequency of bleeding episodes with
prophylactic infusions starting at once weekly or once every 10-14
days.
-
On March 28, 2014, the FDA approved ALPROLIX.
In the U.S., ALPROLIX is indicated for the control and prevention of
bleeding episodes, perioperative management and routine prophylaxis in
adults and children with hemophilia B. The therapy is shown to reduce
bleeding episodes with prophylactic infusions starting at least a week
apart or up to every 10 days.
-
On April 10, 2014, Biogen Idec and Swedish Orphan Biovitrum AB
released positive top-line results of the Kids A-LONG Phase 3 clinical
study that evaluated the safety and efficacy of ELOCTATE™, an
investigational recombinant factor VIII Fc fusion protein product
candidate, in children with severe hemophilia A. ELOCTATE was
generally well-tolerated and no inhibitors (neutralizing antibodies
that may interfere with the activity of the therapy) were detected.
Efficacy analyses showed twice-weekly prophylactic dosing with
ELOCTATE maintained low bleeding rates in children.
Pipeline Development Highlights
-
In January 2014, Biogen Idec entered into an exclusive worldwide
collaboration and license agreement with Sangamo BioSciences focused
on the development of therapeutics for hemoglobinopathies, inherited
conditions that result from the abnormal structure or underproduction
of hemoglobin.
-
In March 2014, Biogen Idec and Eisai Co., Ltd. entered into a
collaboration to develop and commercialize two of Eisai's clinical
candidates for Alzheimer's disease, E2609 and BAN2401. The agreement
also provides Eisai with an option to jointly develop and
commercialize two of Biogen Idec's candidates for AD, the anti-amyloid
beta antibody BIIB037 and an anti-tau monoclonal antibody.
Corporate and Commercial Activities
-
In January 2014, Biogen Idec and UCB announced that they have signed
exclusive agreements granting UCB the right to commercialize Biogen
Idec products in South Korea, Hong Kong, Thailand, Singapore, Malaysia
and Taiwan, and to develop and commercialize Biogen Idec products in
China.
-
In February 2014, Biogen
Idec announced that Chairman of the Board William D. (Bill) Young
will retire from the Company's Board of Directors, effective at the
Company's 2014 annual meeting of stockholders. Mr. Young has been a
member of Biogen Idec's Board of Directors since 1997 and has served
as Chairman of the Board since 2010. Stelios Papadopoulos, Ph.D., a
member of Biogen Idec's Board of Directors since 2008, has been
appointed to assume the role of Chairman of the Board following the
end of Mr. Young's term.
-
On April 10, 2014, Biogen Idec announced the appointment of Adam M.
Koppel, M.D., Ph.D., as senior vice president and chief strategy
officer, effective May 15, 2014. Dr. Koppel will be responsible for
leading corporate strategy and portfolio management. He will report to
George Scangos, Ph.D., CEO, and will be a member of the Biogen Idec
management team.
Conference Call and Webcast
The Company's earnings conference call for the first quarter will be
broadcast via the internet at 8:00 a.m. EDT on April 23, 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
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, hemophilia and autoimmune
disorders. Founded in 1978, Biogen Idec is the world's oldest
independent biotechnology company. Patients worldwide benefit from its
leading multiple sclerosis 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 2014 financial guidance, anticipated regulatory
decisions and data read-outs, and potential product launches and timing
thereof. 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 executing our commercial launch of TECFIDERA;
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 commercializing and developing other products,
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; adverse
market and economic conditions, which may cause continued pressure on
product pricing or otherwise impact the extent of reimbursement for our
products or the timing of payments to us; 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
government regulation; 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
|
|
|
|
|
Ended March 31,
|
|
|
|
|
2014
|
|
|
2013
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product, net
|
|
|
|
$
|
1,742,765
|
|
|
|
$
|
1,095,779
|
|
|
|
|
|
|
|
|
|
Unconsolidated joint business
|
|
|
|
|
296,885
|
|
|
|
|
264,606
|
|
|
|
|
|
|
|
|
|
Royalty
|
|
|
|
|
37,856
|
|
|
|
|
32,820
|
|
|
|
|
|
|
|
|
|
Corporate partner
|
|
|
|
|
52,245
|
|
|
|
|
21,891
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
|
2,129,751
|
|
|
|
|
1,415,096
|
|
|
|
|
|
|
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales, excluding amortization of acquired intangible assets
|
|
|
|
|
279,245
|
|
|
|
|
133,749
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
|
528,884
|
|
|
|
|
284,340
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
|
511,674
|
|
|
|
|
352,598
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
143,258
|
|
|
|
|
51,301
|
|
|
|
|
|
|
|
|
|
Collaboration profit sharing
|
|
|
|
|
-
|
|
|
|
|
85,357
|
|
|
|
|
|
|
|
|
|
(Gain) loss on fair value remeasurement of contingent consideration
|
|
|
|
|
(799
|
)
|
|
|
|
2,277
|
|
|
|
|
|
|
|
|
|
Total cost and expenses
|
|
|
|
|
1,462,262
|
|
|
|
|
909,622
|
|
|
|
|
|
|
|
|
|
Gain on sale of rights
|
|
|
|
|
3,859
|
|
|
|
|
5,051
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
|
|
671,348
|
|
|
|
|
510,525
|
|
|
|
|
|
|
|
|
|
Other income (expense), net
|
|
|
|
|
(5,601
|
)
|
|
|
|
(14,457
|
)
|
|
|
|
|
|
|
|
|
Income before income tax expense and equity in loss of investee,
net of tax
|
|
|
|
|
665,747
|
|
|
|
|
496,068
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
|
178,414
|
|
|
|
|
65,508
|
|
|
|
|
|
|
|
|
|
Equity in loss of investee, net of tax
|
|
|
|
|
7,605
|
|
|
|
|
3,811
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
479,728
|
|
|
|
|
426,749
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interests, net
of tax
|
|
|
|
|
(228
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Net income attributable to Biogen Idec Inc.
|
|
|
|
$
|
479,956
|
|
|
|
$
|
426,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
Basic earnings per share attributable to Biogen Idec Inc.
|
|
|
|
$
|
2.03
|
|
|
|
$
|
1.80
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to Biogen Idec Inc.
|
|
|
|
$
|
2.02
|
|
|
|
$
|
1.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in calculating:
|
|
|
|
|
|
|
|
Basic earnings per share attributable to Biogen Idec Inc.
|
|
|
|
|
236,786
|
|
|
|
|
236,837
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to Biogen Idec Inc.
|
|
|
|
|
237,849
|
|
|
|
|
238,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 2
|
Biogen Idec Inc. and Subsidiaries
|
Condensed Consolidated Balance Sheets
|
(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
As of
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2014
|
|
|
2013
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and marketable securities
|
|
|
|
$
|
1,260,211
|
|
|
$
|
1,222,729
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
|
1,018,487
|
|
|
|
824,406
|
|
|
|
|
|
|
|
|
Inventory
|
|
|
|
|
672,750
|
|
|
|
659,003
|
|
|
|
|
|
|
|
|
Other current assets
|
|
|
|
|
573,576
|
|
|
|
478,796
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
|
3,525,024
|
|
|
|
3,184,934
|
|
|
|
|
|
|
|
|
Marketable securities
|
|
|
|
|
724,272
|
|
|
|
625,772
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
|
1,744,266
|
|
|
|
1,750,710
|
|
|
|
|
|
|
|
|
Intangible assets, net
|
|
|
|
|
4,364,384
|
|
|
|
4,474,653
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
|
1,232,916
|
|
|
|
1,232,916
|
|
|
|
|
|
|
|
|
Investments and other assets
|
|
|
|
|
639,269
|
|
|
|
594,350
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
|
$
|
12,230,131
|
|
|
$
|
11,863,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of notes payable and line of credit
|
|
|
|
$
|
3,550
|
|
|
$
|
3,494
|
|
|
|
|
|
|
|
|
Other current liabilities
|
|
|
|
|
1,590,697
|
|
|
|
1,754,785
|
|
|
|
|
|
|
|
|
Notes payable
|
|
|
|
|
591,012
|
|
|
|
592,433
|
|
|
|
|
|
|
|
|
Long-term deferred tax liability
|
|
|
|
|
200,901
|
|
|
|
232,554
|
|
|
|
|
|
|
|
|
Other long-term liabilities
|
|
|
|
|
702,908
|
|
|
|
659,231
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
9,141,063
|
|
|
|
8,620,838
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
|
|
$
|
12,230,131
|
|
|
$
|
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
|
|
|
|
|
|
|
|
Ended March 31,
|
|
|
|
EARNINGS PER SHARE
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings per share - Diluted
|
|
|
|
$
|
2.02
|
|
|
|
$
|
1.79
|
|
|
|
|
Adjustments to net income attributable to Biogen Idec Inc. (as
detailed below)
|
|
|
|
|
0.45
|
|
|
|
|
0.18
|
|
|
|
|
Non-GAAP earnings per share - Diluted
|
|
|
|
$
|
2.47
|
|
|
|
$
|
1.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
An itemized reconciliation between net income attributable to
Biogen Idec Inc. on a GAAP basis and net income attributable to
Biogen Idec Inc. on a non-GAAP basis is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to Biogen Idec Inc.
|
|
|
|
$
|
480.0
|
|
|
|
$
|
426.7
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
139.8
|
|
|
|
|
48.6
|
|
|
|
|
(Gain) loss on fair value remeasurement of contingent consideration
|
|
|
|
|
(0.8
|
)
|
|
|
|
2.3
|
|
|
|
|
SG&A: Stock option expense
|
|
|
|
|
2.6
|
|
|
|
|
1.9
|
|
|
|
|
R&D: Stock option expense
|
|
|
|
|
2.3
|
|
|
|
|
1.6
|
|
|
|
|
Income tax effect related to reconciling items
|
|
|
|
|
(37.0
|
)
|
|
|
|
(11.7
|
)
|
|
|
|
Non-GAAP net income attributable to Biogen Idec Inc.
|
|
|
|
$
|
586.9
|
|
|
|
$
|
469.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Full Year Guidance: GAAP to Non-GAAP Adjustments
|
|
|
|
|
|
|
|
|
|
|
An itemized reconciliation between projected EPS 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.
|
|
|
|
|
2,355
|
|
|
|
|
238
|
|
|
|
$
|
9.91
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Stock option expense
|
|
|
|
|
10
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
450
|
|
|
|
|
|
|
|
(Gain) loss on fair value remeasurement of contingent consideration
|
|
|
|
|
10
|
|
|
|
|
|
|
|
Income tax expense: Income tax effect related to reconciling items
|
|
|
|
|
(115
|
)
|
|
|
|
|
|
|
Projected Non-GAAP net income attributable to Biogen Idec Inc.
|
|
|
|
|
2,710
|
|
|
|
|
238
|
|
|
|
$
|
11.40
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
Ended March 31,
|
|
|
|
|
2014
|
|
|
2013
|
PRODUCT REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVONEX®
|
|
|
|
$
|
761,474
|
|
|
$
|
746,098
|
|
|
|
|
|
|
|
|
TYSABRI®
|
|
|
|
|
441,045
|
|
|
|
312,170
|
|
|
|
|
|
|
|
|
TECFIDERA®
|
|
|
|
|
505,709
|
|
|
|
-
|
|
|
|
|
|
|
|
|
FAMPYRA®
|
|
|
|
|
18,961
|
|
|
|
23,203
|
|
|
|
|
|
|
|
|
FUMADERM ™
|
|
|
|
|
15,576
|
|
|
|
14,308
|
|
|
|
|
|
|
|
|
Total product revenues, net
|
|
|
|
$
|
1,742,765
|
|
|
$
|
1,095,779
|
|
|
|
|
|
|
|
|
|
|
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