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B R E A K F A S T W I T H T H E F O O L Wednesday, October 11, 2000 benjamin.rogers@enron.com _________________________________________________________________ REGISTER TO BECOME A FOOL -- GET FREE STUFF! http://www.fool.com/m.asp?i=150883 _________________________________________________________________ Sponsored By: NDB Apply Now and get $75 in Free Trade Commissions when you open your account with National Discount Brokers / ndb.com. Another way we take you under our wing. http://www.lnksrv.com/m.asp?i=150884 "If you aren't fired by enthusiasm, you will be fired with enthusiasm." -- Vince Lombardi BIOGEN BEATS THE STREET Biogen, the company known for the multiple sclerosis drug Avonex, announced estimate-beating third-quarter results yesterday after the bell. By LouAnn Lofton Biotech company Biogen (Nasdaq: BGEN) reported its third-quarter (ended September 30) results yesterday after the bell. The company's revenues climbed by 12% to $233.7 million. Net income for the quarter was $68.3 million, or 10% higher than the $62 million Biogen earned in the year-ago period. Earnings per share came in ahead of estimates by a penny at $0.44. The consensus First Call/Thompson Financial estimate for the company was $0.43. In its third quarter last year, Biogen earned $0.39 a share. Biogen's main revenue driver is Avonex, a drug used in the treatment of multiple sclerosis. For its third quarter, sales of Avonex rose 18% to $193 million. In fiscal 1999, Avonex sales accounted for 78% of Biogen's revenues. The company said that more than 93,000 patients worldwide are now using the drug. It did acknowledge in a conference call, though, that the U.S. market for Avonex is slowing. Avonex also faces increased overseas competition in the multiple sclerosis drug market. Here in the U.S., Avonex is protected from competition until 2003. Biogen is working to develop additional drugs (which it hopes will turn into additional sources of revenue) through projects such as collaborations with Irish drug company Elan (NYSE: ELN). The company also recently licensed five new drug targets from CuraGen (Nasdaq: CRGN). Biogen's president and chief executive officer, James C. Mullen, said, "We continue with aggressive development of our pipeline products. During the past quarter, we intensified our investment in the important new platform technology of genomics and expanded our long-term pipeline capabilities and basic research programs with several collaborative agreements." If you're interested in learning more about investment opportunities in biotechnology, consider signing up for The Motley Fool's five-week, 15-lesson Biotechnology Investing Online Seminar. Registration ends today! http://www.fool.com/m.asp?i=150885 _________________________________________________________________ NEWS TO GO Hard driver manufacturer Seagate Technology (NYSE: SEG) announced its fiscal 2001 first-quarter earnings yesterday after the close. Pro forma net income for the quarter was $62 million on revenue of $1.748 billion. Pro forma diluted earnings per share came in at $0.26, which bested the Street's expectations by a nickel. PacifiCare Health Systems (Nasdaq: PHSY), a provider of managed healthcare, told the Street yesterday that it sees its third-quarter results coming in significantly below expectations. The company expects earnings per share for the third quarter to come in between breakeven and a loss of as much as $0.10 a share. Analysts were looking for PacifiCare to report third-quarter earnings per share of $1.90, according to First Call/Thompson Financial. The company blamed higher-than-expected medical costs for its shortfall. The on-again, off-again talks between online delivery service companies Urbanfetch.com and Kozmo.com are off again. Urbanfetch.com said yesterday that it's halted negotiations to be acquired by competitor Kozmo.com. Ross Stevens, the chief executive of Urbanfetch.com, said, "We just didn't think Kozmo had a profitable model, and we didn't think that Urbanfetch Express would get the attention it needed." Ford Motor Company (NYSE: F) says that an analysis of accidents involving its Explorer sport utility vehicles was flawed, according to The Washington Post. The analysis, which was carried out by the Post and reported in Monday's edition of the paper, found that Explorers have higher rates of tire-related crashes even when the trucks are equipped with non-recalled Goodyear tires. The analysis was carried out by looking at which plants produced the Explorers, and what type of tire came on the trucks from that particular plant. According to Ford, the plants the company originally thought were putting just Goodyear tires on Explorers were actually putting Firestone tires on about 4% of the vehicles. Ford's vice president of communications, Jason Vines, was quoted as saying that this new information "repudiates the premise of the analysis." Check out all of yesterday's Foolish market news with a single click. http://www.fool.com/m.asp?i=150886 _______________________________________________________________ EDITOR'S PICK Tom Jacobs focuses his microscope on Affymetrix, and shares his perspective on the company's potential to be top dog in more than one area of biotech. http://www.fool.com/m.asp?i=150887 _______________________________________________________________ -News & Commentary http://www.fool.com/m.asp?i=150888 -Fool Community http://www.fool.com/m.asp?i=150889 -Post of the Day http://www.fool.com/m.asp?i=150890 -Latest Fribble http://www.fool.com/m.asp?i=150891 -Latest Market Numbers http://www.fool.com/m.asp?i=150892 ____________________________________________________________ My Portfolio: http://www.fool.com/m.asp?i=150893 My Discussion Boards: http://www.fool.com/m.asp?i=150894 My Fool: http://www.fool.com/m.asp?i=150895 Fool.com Home: http://www.fool.com/m.asp?i=150896 My E-Mail Settings: http://www.fool.com/m.asp?i=150897 Sponsored By: NDB Apply Now and get $75 in Free Trade Commissions when you open your account with National Discount Brokers / ndb.com. Another way we take you under our wing. http://www.lnksrv.com/m.asp?i=150898 LAST DAY TO ENROLL! Sign up ends Wednesday night for our Biotech Investing Online Seminar. 100% satisfaction guaranteed. http://www.fool.com/m.asp?i=150899 BECOME A FOOL! Get a FREE Investing Guide and more... http://www.fool.com/m.asp?i=150900 FOOL DIRECT E-MAIL SERVICES Need to change your address or unsubscribe? You can also temporarily suspend mail delivery. Click here: http://www.fool.com/community/freemail/freemaillogin.asp?email=benjamin.rogers @enron.com< Have ideas about how we can improve the Fool Direct or new e-mail products you'd like to see? Try our discussion board: http://www.fool.com/m.asp?i=150901 ____________________________________________________ © Copyright 2000, The Motley Fool. All rights reserved. This material is for personal use only. Republication and redissemination, including posting to news groups, is expressly prohibited without the prior written consent of The Motley Fool. MsgId: msg-6173-B10115442Address.msg-09:24:39(10-11-2000) X-Version: mailer-sender-master,v 1.84 X-Version: mailer-sender-daemon,v 1.84 Message-Recipient: benjamin.rogers@enron.com
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