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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Biogen Inc.    BIIB

BIOGEN INC.

(BIIB)
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Biogen : Merck - Press Release as a Result of the Ad-hoc Announcement of September 29, 2020

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09/30/2020 | 10:56am EDT

Merck has just published the following ad-hoc announcement in accordance with Art. 17 of the German Market Abuse Regulation.

In the United StatesMerck KGaA's subsidiary EMD Serono, Inc. (Merck) is involved in a US patent dispute with Biogen Inc., United States (Biogen). Biogen sued Merck for damages in connection with a patent infringement caused by Merck's product Rebif before the U.S. District Court New Jersey, Newark. Merck defended itself against the allegations and brought a countersuit claiming that Biogen's patent is invalid. In February 2018 a jury declared Biogen's patent invalid vis-a-vis Merck. The jury verdict was overturned by the District Court Judge, who upheld the validity of Biogen's patent. Merck filed a complaint with the U.S. Court of Appeals for the Federal Circuit against this ruling.

On 28 September 2020 the U.S. Court of Appeals for the Federal Circuit set aside the decision of the District Court Judge, invalidated Biogen's patent and instructed the District Court to reinstate the jury verdict.

Therefore, Merck KGaA has decided today to reverse the provisions for the patent dispute proceedings in the amount of EUR 365 million. Thereof, up to a mid to high double-digit million amount might be booked into the financial result.

Merck KGaA will adjust its forecasts accordingly as part of its regular financial reporting.

Contact:

Friederike Segeberg

Tel: +49 6151 72-6328

About Merck

Merck, a leading science and technology company, operates across healthcare, life science and performance materials. Around 57,000 employees work to make a positive difference to millions of people's lives every day by creating more joyful and sustainable ways to live. From advancing gene editing technologies and discovering unique ways to treat the most challenging diseases to enabling the intelligence of devices the company is everywhere. In 2019, Merck generated sales of EUR 16.2 billion in 66 countries.

Scientific exploration and responsible entrepreneurship have been key to Merck's technological and scientific advances. This is how Merck has thrived since its founding in 1668. The founding family remains the majority owner of the publicly listed company. Merck holds the global rights to the Merck name and brand. The only exceptions are the United States and Canada, where the business sectors of Merck operate as EMD Serono in healthcare, MilliporeSigma in life science, and EMD Performance Materials.

(C) 2020 Electronic News Publishing, source ENP Newswire


Stocks mentioned in the article
ChangeLast1st jan.
BIOGEN INC. -0.57% 255.3 Delayed Quote.-13.37%
MERCK KGAA 3.32% 135.2 Delayed Quote.24.21%
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Financials (USD)
Sales 2020 13 391 M - -
Net income 2020 4 467 M - -
Net Debt 2020 2 478 M - -
P/E ratio 2020 9,47x
Yield 2020 -
Capitalization 39 511 M 39 511 M -
EV / Sales 2020 3,14x
EV / Sales 2021 3,41x
Nbr of Employees 7 400
Free-Float 86,1%
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 33
Average target price 292,54 $
Last Close Price 256,76 $
Spread / Highest target 39,0%
Spread / Average Target 13,9%
Spread / Lowest Target -22,1%
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Managers
NameTitle
Michel Vounatsos Chief Executive Officer & Director
Stelios B. Papadopoulos Chairman
Michael R. McDonnell Chief Financial Officer & Executive Vice President
Alfred W. Sandrock Chief Medical Officer & EVP-Research & Development
Mark Hernon Chief Information Officer & Senior Vice President
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