Immunex Corporation Reports Strong Financial Results for the Second Quarter and First Half of 2000

Strategic Insights -

Immunex Corporation, a biopharmaceutical company, has reported net income of $41.5 million, or 8 cents per share, on total revenue of $213.2 million for the second quarter of 2000. This compares to net income of $6.9 million, or 1 cent per share, on revenues of $128.5 million in the second quarter of 1999. Total net product sales for the second quarter of 2000 were $196.2 million, up 56 percent over second quarter 1999 sales of $125.9 million.

Key Takeaways:

  • Immunex reported a significant increase in net income and revenue for the second quarter and first half of 2000, with a 56% increase in total net product sales.
  • ENBREL(R) (etanercept) sales totaled $155.1 million for the second quarter, up more than 78% compared to the second quarter of 1999.
  • The company earned a scheduled payment of $15 million from American Home Products Corporation (NYSE: AHP) under a co-promotion agreement for ENBREL.
  • Sales of specialty therapeutic products, including LEUKINE(R) (sargramostim) and NOVANTRONE(R) (mitoxantrone for injection concentrate), were $40.4 million for the second quarter of 2000, up from $38.4 million in the second quarter of 1999.
  • Immunex invests in long-term research and manufacturing initiatives, including exploiting robust receptor technology and monoclonal antibody programs.
  • The company has a strong cash position, with $750.0 million in cash and short-term investments as of June 30, 2000.

Statistics:

  • Net income for the first half of 2000 was $73.7 million, or 14 cents per share, compared to $7.1 million, or 1 cent per share, in the first half of 1999.
  • Total revenue for the first half of 2000 was $392.2 million, compared to $226.7 million in the first half of 1999.
  • Product sales for the first half of 2000 increased more than 64 percent to $362.9 million, compared to $221.1 million in the first half of 1999.
  • Research and development investments in the second quarter of 2000 were $41.2 million, compared to $30.3 million in the second quarter of 1999.

Sources:

  • "Product Sales for the First Half of 2000 Up More Than 64 Percent; Revenue Growth Continues; ENBREL(R) and Specialty Therapeutic Sales Strong Through the First Half of 2000" (PRNewswire, July 19, 2000)
  • Immunex Corporation, Consolidated Statements of Income (in thousands, except per share amounts), Three months ended June 30, 2000 and 1999
  • Immunex Corporation, Condensed Consolidated Balance Sheets (in thousands), June 30, 2000 and December 31, 1999
  • Immunex Corporation, Condensed Consolidated Statements of Cash Flows (in thousands), Six months ended June 30, 2000 and 1999