Immunex Corp. on Thursday reported a modest profit for itssecond quarter ended June 30, with sales of its Leukinegranulocyte macrophage colony stimulating factor meetingexpectations.
Immunex reported net income of $504,000, or 3 cents a share,on revenues of $15.9 million. The company had a net loss of$3.8 million, or 48 cents a share, on revenues of $6.8 millionfor the comparable quarter last year.
The Seattle-based company had $8.4 million in sales ofLeukine, which received Food and Drug Administration approvalin March. Leukine promotes the growth of infection-fightingwhite blood cells in patients undergoing autologous bonemarrow transplants for certain cancers. First-quarter Leukinesales, representing two to three weeks of selling, were $4.2million.
"That first quarter represented initial demand for a newproduct," said spokesman Jason Rubin. "Product sales to datehave matched very well classical new product sales trendswhere you see an initial burst of sales followed by a steadybuildup." Rubin said estimates of $30 million to $35 million inLeukine sales for the full year are reasonable.
Leukine sales were on target, said Sandy Yuen, researchassistant for biotech analyst Mark Simon of RobertsonStephens & Co. in San Francisco. Simon had a second-quartersales target of $7 million to $8 million, said Yuen.
Rival Amgen Inc. of Thousand Oaks, Calif., reported revenues of$33.4 million for its Neupogen granulocyte colony stimulatingfactor for its first quarter ended June 30.
Immunex said total expenses for the quarter increased 62percent to $15.4 million compared with $9.5 million in the1990 quarter, reflecting growth of Immunex's staff. Researchand development expenses also rose 29 percent compared withthe 1990 quarter, to $7.1 million.
Immunex stock (NASDAQ:IMNX) rose 38 cents on Thursday,closing at $47.63.
-- Karen Bernstein BioWorld Staff
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