By Mary Welch

Biogen Inc. reported second-quarter revenues of $189 million, up from $129 million from last year, a jump largely due to record revenues for Avonex, its multiple sclerosis wonder drug.

The Cambridge, Mass., company reported net income of $43 million, or 28 cents per share, up from $31.4 million, or 20 cents per share, for the same quarter in 1998. Included in the results is a $1.52 million non-cash charge to write down certain publicly traded marketable equity securities to current market price. Those investments were associated with collaborations with smaller biotechnology companies. Excluding that charge, second-quarter earnings per share would have been 34 cents and net income would have been $53.6 million.

"It's a big, big, big quarter," said David Molowa, an analyst with Bear Stearns Co. in New York. "Avonex had top-line results and research and development costs were below expectations. That 34 cents number is a solid one and as a result, the numbers for the company may go higher."

During the quarter, the company spent $50 million on research and development, up slightly from $42 million for the second quarter of 1998.

Elise Wang, an analyst with PaineWebber Inc. in New York, dubbed the quarter an "excellent, strong quarter. It beat my expectations by 2 cents, but I thought it was likely they would beat it. Avonex continues to be a robust drug."

Avonex sales accounted for about 77 percent of Biogen's revenues for the quarter.

Avonex (interferon beta-1a) is the world leader in multiple-sclerosis drugs, both in terms of number of patients and sales volume. Its market share in the U.S. is 2-1 over other multiple sclerosis drugs. Some 70,000 patients are on Avonex therapy worldwide, and the company expects that number to reach 100,000 in the not-too-distant future.

Avonex recorded second-quarter sales of $145.8 million, up from $87 million in the second quarter of 1998, an increase of more than 67 percent.

For the first six months of this year, total revenues reached $360 million, up from $243 million for the same period in 1998. Net income was $89 million for the six-month 1999 period, up from $59.2 million for 1998. Basic earnings per share for the six-month period were 59 cents per share, up from 40 cents for the first half of 1998.

Biogen's stock (NASDAQ:BGEN) closed Thursday at $66.687, up $1.75. The earnings were reported after the market closed.