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EXHIBIT 11
BIOGEN, INC. and SUBSIDIARIES
Computation of Earnings Per Share
(unaudited)
(in thousands, except per share amounts)
Three Months Six Months
Ended June 30, Ended June 30,
1997 1996 1997 1996
Primary earnings per share
Weighted average number of
shares outstanding. . . . . . . . . 73,887 71,416 73,578 71,308
Shares deemed outstanding from
the assumed exercise of stock
options and warrants. . . . . . . . 2,361 -- 2,968 --
------- ------- ------ ------
Total . . . . . . . . . . . . . . . 76,248 71,416 76,546 71,308
====== ======= ====== ======
Net income. . . . . . . . . . . . . . $19,948 $(9,093) $36,958 $(12,751)
======= ======== ======= =========
Primary earnings per
share of common stock . . . . . . . $ 0.26 $ (0.13) $ 0.48 $(0.18)
======= ======== ======= =======
Fully diluted earnings per share (a)
Weighted average number of
shares outstanding. . . . . . . . . 73,887 71,416 73,578 71,308
Shares deemed outstanding from
the assumed exercise of stock
options and warrants. . . . . . . . 2,416 -- 2,996 --
------ ------ ------ ------
Total . . . . . . . . . . . . . . . . 76,303 71,416 76,574 71,308
====== ====== ====== ======
Net income . . . . . . . . . . . . . $19,948 $ (9,093) $36,958 $(12,751)
======= ======= ======= ========
Fully diluted earnings
per share of common stock . . . . . $ 0.26 $ (0.13) $ 0.48 $(0.18)
======= ======== ======= =======
(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%.