Exhibit 11
BIOGEN, INC. and SUBSIDIARIES
Computation of Earnings Per Share
(unaudited)
(in thousands, except per share amounts)
Three Months Nine Months
Ended Sept. 30, Ended Sept. 30,
1996 1995 1996 1995
Primary earnings per share
Weighted average number of
shares outstanding. . . . . . . . . 71,594 67,900 71,403 66,945
Shares deemed outstanding from
the assumed exercise of stock
options and warrants. . . . . . . . 2,976 5,540 992 5,011
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Total . . . . . . . . . . . . . . . 74,570 73,440 72,395 71,956
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Net income . . . . . . . . . . . . . $45,052 $ 1,128 $32,301 $ 4,676
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Primary earnings per
share of common stock . . . . . . . $ 0.60 $ 0.02 $ 0.45 $ 0.06
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Fully diluted earnings per share (a)
Weighted average number of
shares outstanding. . . . . . . . . 71,594 67,900 71,403 66,945
Shares deemed outstanding from
the assumed exercise of stock
options and warrants. . . . . . . . 4,466 6,720 1,489 5,729
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Total . . . . . . . . . . . . . . . . 76,060 74,620 72,892 72,674
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Net income . . . . . . . . . . . . . $45,052 $ 1,128 $ 32,301 $ 4,676
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Fully diluted earnings
per share of common stock . . . . . $ 0.59 $ 0.02 $ 0.44 $ 0.06
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(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%.