EXHIBIT 11
BIOGEN, INC. and SUBSIDIARIES
Computation of Earnings Per Share
(in thousands, except per share amounts)
1995 1994 1993
Primary earnings (loss) per share
Weighted average number of
shares outstanding.................. 33,975 32,774 31,972
Shares deemed outstanding from
the assumed exercise of stock
options and warrants................ 2,470 -- 2,748
-------- -------- --------
Total................................ 36,445 32,774 34,720
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Net income (loss).................... $ 5,660 $ (4,897) $ 32,417
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Primary earnings (loss) per
Share of common stock............... $ 0.16 $ (0.15) $ 0.93
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Fully diluted earnings (loss) per share (a)
Weighted average number of
shares.............................. 33,975 32,774 31,972
Shares deemed outstanding from
the assumed exercise of stock
options and warrants................ 2,544 -- 3,152
-------- -------- --------
Total................................ 36,519 32,774 35,124
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Net income (loss).................... $ 5,660 $ (4,897) $ 32,417
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Fully diluted earnings (loss)
per share of common stock........... $ 0.16 $ (0.15) $ 0.92
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(a) This calculation is submitted in accordance with Regulation S-K
item 601 (b) (ll) although not required by Footnote 2 to Paragraph
14 of APB Opinion No. 15 because it results in dilution of less
than 3%.