EXHIBIT 11 BIOGEN, INC. and SUBSIDIARIES Computation of Earnings Per Share (in thousands, except per share amounts) 1993 1992 1991 Primary earnings per share Weighted average number of shares outstanding . . . . . . . . . 31,972 31,025 26,041 Shares deemed outstanding from the assumed exercise of stock options and warrants . . . . . . . . 2,748 3,173 3,923 Total. . . . . . . . . . . . . . . . . 34,720 34,198 29,964 Net income . . . . . . . . . . . . . . $32,417 $38,311 $7,186 Preferred stock dividends. . . . . . . - - - - 2,679 Earnings applicable to common stock. . . . . . . . . . . $32,417 $38,311 $4,507 Primary earnings per share of common stock. . . . . . . . $ 0.93 $ 1.12 $ 0.15 EXHIBIT 11 - CONTINUED BIOGEN, INC. and SUBSIDIARIES Computation of Earnings Per Share (in thousands, except per share amounts) 1993 1992 1991 Fully diluted earnings per share Weighted average number of shares outstanding . . . . . . . . . 31,972 31,025 26,041 Shares deemed outstanding from the assumed exercise of stock options and warrants . . . . . . . . 3,152 4,404 4,067 Shares deemed outstanding from the assumed conversion of preferred stock . . . . . . . . . - - - - 2,029 Total. . . . . . . . . . . . . . . . . 35,124 35,429 32,137 Earnings applicable to common stock . . . . . . . . . . . . $32,417 $38,311 $7,186 Fully diluted earnings per share of common stock. . . . . . $ 0.92(a)$ 1.08 $ 0.22(b) (a)This calculation is submitted in accordance with Regulation S-K item 601 (b) (11) although not required by Footnote 2 to Paragraph 14 of APB Opinion No. 15 because it results in dilution of less than 3%. (b)This calculation is submitted in accordance with Regulation S-K item 601 (b) (11) although it is contrary to paragraph 40 of APB Opinion No. 15 because it produces an anti-dilutive result.