Immunex Corp. on Thursday announced its first profitableyear, earning $802,000, or 5 cents per share.
Revenues for the year ended Dec. 31 were up 79 percent, to$62.6 million, due largely to product sales of Leukinegranulocyte macrophage colony stimulating factor. Immunex(NASDAQ:IMNX) sold $29.1 million of the white blood cellstimulator, plus $4.1 million of bulk to co-marketer Hoechst-Roussel Pharmaceuticals Inc.
"There were no surprises here," said Edward Kim, assistant toRobertson, Stephens analyst Mark Simon. "By any measureImmunex had a good year."
For the fourth quarter, net income was $3.6 million, or 21 centsper share, on revenues of $20.7 million. In the like 1990quarter, the company lost $7.2 million, or 63 cents per share,on revenues of $6.6 million.
Research and development expenses increased 27 percent forthe year, to $29.4 million, and are expected to increase afurther 50 percent this year, said Steven Gillis, executive vicepresident and research director.
Immunex shares lost $1.75 to $63.50 on profit takingThursday. The stock had risen as high as $65.50 on Feb. 4 from$51.50 on Jan. 28, largely as a result of Immunex's marketingagreement for cancer products with Bristol-Myers Squibb Co.,which was announced on Jan. 30. -- Karen Bernstein
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