Ralph
24.01.2001, 23:37
Immunex reports higher Q4 proifts, strong Enbrel sales
SEATTLE, Jan 24 (Reuters) - Drugmaker Immunex Corp. (NasdaqNM:IMNX - news) on Wednesday said its fourth-quarter profits rose more than 200 percent, edging above Wall Street forecasts, as sales of its flagship anti-arthritis treatment Enbrel climbed 65 percent.
The Seattle-based company said net income for the quarter reached $49.2 million, or 9 cents a share, up from $16.2 million, or 3 cents a share, in the same period a year ago.
Analysts polled by First Call/Thomson Financial had on average estimated quarterly profit at 8 cents a share.
Immunex said total revenues for the quarter rose to $250.7 million, from $162.6 million in the fourth quarter of 1999. Enbrel sales rose to $194.1 million in the latest quarter, a gain of 65 percent over the same period in 1999 and 13 percent increase over the third quarter of 2000.
The biotechnology company also produces Leukine to treat bone marrow transplant patients and Novantrone for leukemia, prostate cancer and multiple sclerosis.
Net sales of Leukine grew 28 percent for the year to $88.3 million, while net sales of Novantrone totaled $59.9 million, an increase of 35 percent over 1999.
Novantrone was approved by the U.S. Food and Drug Administration for a new use during the fourth quarter 2000, to treat worsening forms of multiple sclerosis.
Research and development expenses rose nearly 32 percent to $166.7 million for the year from $126.7 million in 1999, primarily in an effort to expand and accelerate the company's new product pipeline.
Drug maker American Home Products Corp. (NYSEhttp://www.abt-edv.com/Board/smilies/smilewinkgrin.gifHP - news) holds a stake of Immunex worth more than 40 percent of the company.
On Nov. 10, Immunex offered 70 million shares at $39.75 per share in a public offering. Of the 70 million shares, 20 million were newly issued by Immunex, while AHP reaped the proceeds from the other 50 million shares.
The company said in its third-quarter earnings report that its manufacturing capacity for Enbrel might not be able to match soaring demand.
Immunex said it acquired a manufacturing facility in Rhode Island but does not expect the plant to receive regulatory approval to produce Enbrel full-tilt until 2002.
Shares of Immunex underperformed competitors in 2000, rising just 4 percent. The American Stock Exchange Biotech Index (^BTK - news) rose about 62 percent in 2000 after more than doubling in 1999. It started 2001 at 634.32, 2000 at 399.44 and 1999 at 161.67.
Shares of Immunex rose $1-1/16 to close at $34-3/8 on Wednesday ahead of the news.
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IMNX hat im wesentlichen zwei Probleme:
1) eine gigantische Bewertung von $18 Mrd.
2) Das Geschäft ist fast ausschliesslich von ENBREL abhängig
Ähnlich wie bei AMGN (NEUPOGEN) besteht enormes Risiko in dieser Aktie.
Ralph
SEATTLE, Jan 24 (Reuters) - Drugmaker Immunex Corp. (NasdaqNM:IMNX - news) on Wednesday said its fourth-quarter profits rose more than 200 percent, edging above Wall Street forecasts, as sales of its flagship anti-arthritis treatment Enbrel climbed 65 percent.
The Seattle-based company said net income for the quarter reached $49.2 million, or 9 cents a share, up from $16.2 million, or 3 cents a share, in the same period a year ago.
Analysts polled by First Call/Thomson Financial had on average estimated quarterly profit at 8 cents a share.
Immunex said total revenues for the quarter rose to $250.7 million, from $162.6 million in the fourth quarter of 1999. Enbrel sales rose to $194.1 million in the latest quarter, a gain of 65 percent over the same period in 1999 and 13 percent increase over the third quarter of 2000.
The biotechnology company also produces Leukine to treat bone marrow transplant patients and Novantrone for leukemia, prostate cancer and multiple sclerosis.
Net sales of Leukine grew 28 percent for the year to $88.3 million, while net sales of Novantrone totaled $59.9 million, an increase of 35 percent over 1999.
Novantrone was approved by the U.S. Food and Drug Administration for a new use during the fourth quarter 2000, to treat worsening forms of multiple sclerosis.
Research and development expenses rose nearly 32 percent to $166.7 million for the year from $126.7 million in 1999, primarily in an effort to expand and accelerate the company's new product pipeline.
Drug maker American Home Products Corp. (NYSEhttp://www.abt-edv.com/Board/smilies/smilewinkgrin.gifHP - news) holds a stake of Immunex worth more than 40 percent of the company.
On Nov. 10, Immunex offered 70 million shares at $39.75 per share in a public offering. Of the 70 million shares, 20 million were newly issued by Immunex, while AHP reaped the proceeds from the other 50 million shares.
The company said in its third-quarter earnings report that its manufacturing capacity for Enbrel might not be able to match soaring demand.
Immunex said it acquired a manufacturing facility in Rhode Island but does not expect the plant to receive regulatory approval to produce Enbrel full-tilt until 2002.
Shares of Immunex underperformed competitors in 2000, rising just 4 percent. The American Stock Exchange Biotech Index (^BTK - news) rose about 62 percent in 2000 after more than doubling in 1999. It started 2001 at 634.32, 2000 at 399.44 and 1999 at 161.67.
Shares of Immunex rose $1-1/16 to close at $34-3/8 on Wednesday ahead of the news.
***********************************************************
IMNX hat im wesentlichen zwei Probleme:
1) eine gigantische Bewertung von $18 Mrd.
2) Das Geschäft ist fast ausschliesslich von ENBREL abhängig
Ähnlich wie bei AMGN (NEUPOGEN) besteht enormes Risiko in dieser Aktie.
Ralph