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IMMUNEX REPORTS 1991 PROFIT; PRODUCT SALES DRIVE COMPANY'S FIRST PROFITABLE YEAR

 IMMUNEX REPORTS 1991 PROFIT;
 PRODUCT SALES DRIVE COMPANY'S FIRST PROFITABLE YEAR
 SEATTLE, Feb. 6 /PRNewswire/ -- Immunex Corp. (NASDAQ: IMNX) today reported a profit of $802,000 for the year ended Dec. 31, 1991, or 5 cents per share, compared to a loss of $10.3 million, or $1.10 per share, for 1990.
 For the quarter ended Dec. 31, net income totalled $3.6 million, or 21 cents per share, compared to a loss of $7.2 million, or 63 cents per share for the fourth quarter 1990.
 "Immunex is proud to report its first yearly profit in our company's 10-year history," said Immunex chairman Stephen A. Duzan. "This caps an excellent year in which Immunex launched its first product, established a U.S. oncology sales force, expanded its manufacturing capacity, introduced two new products into human clinical trials and discovered four new molecules of the immune system. As a result of LEUKINE(R) (sargramostim) sales and our new marketing agreement with Bristol-Myers Squibb (NYSE: BMY), we will also be able to fund aggressive clinical development of our expanding portfolio of proprietary products."
 Last week, Immunex announced the formation of an international product exchange with Bristol-Myers Squibb Company that gives Immunex rights to market seven approved cancer products in the United States and Bristol-Myers Squibb the right to register and market PIXY321 outside the United States and Canada.
 INCREASED REVENUES FROM PRODUCT SALES
 Revenues for the year increased 79 percent, to $62.6 million from $34.9 million in 1990. The increase was due largely to product sales of LEUKINE, Immunex's white blood cell stimulant which was approved for marketing in March
1991. Immunex sold $29.1 million of LEUKINE in 1991 and $4.1 million of bulk sargramostim to co-marketer Hoechst- Roussel Pharmaceuticals Inc.
 CLINICAL PRODUCT DEVELOPMENT ACCELERATES
 Expenses increased 48 percent for the year, to $61.7 million in 1991 from $41.7 million in 1990. Research and development expenses increased 27 percent for the year, to $29.4 million from $23.2 million in 1990, as the company initiated clinical development of two new products, PIXY321 and Interleukin-1 receptor, and expanded clinical trials of LEUKINE.
 "In 1992, we plan to increase R&D spending 50 percent over 1991 levels," said Steven Gillis, Ph.D., Immunex executive vice president and research director. "Our clinical program is broad and aggressive, focusing on an expanded label indication for LEUKINE, and initial studies of new products PIXY321, IL-1 receptor and TNF receptor."
 SALES FORCE ESTABLISHED TO MARKET LEUKINE
 Sales, general and administrative expenses grew significantly in 1991 as Immunex established a U.S.- based specialized oncology sales force to market LEUKINE. The company will begin selling an additional seven approved cancer products in 1992 as a result of the Bristol- Myers Squibb marketing agreement. Immunex expects this product line extension will strengthen the company's position in the oncology marketplace, but will not require additions to the sales force.
 STRONG BALANCE SHEET
 At year end, cash and marketable securities totalled $144.6 million. Stockholders' equity nearly doubled, to $212 million in 1991 from $107 million at the end of 1990. In March 1991 the company raised $102 million through a public offering of two million shares of common stock. Capital expenditures related to construction of two pharmaceutical manufacturing facilities were $28 million during 1991. A 10,000 square-foot mammalian cell culture facility was completed in January 1992 while the adjacent large-scale microbial production facility is expected to be operational in 1993.
 Immunex Corp. is a biopharmaceutical company focused on the research, development, manufacture and marketing of products to treat cancer and autoimmune disease. Immunex is developing an extensive portfolio of therapeutic products which have the potential to treat a wide range of immune system disorders.
 Financial highlights follow.
 IMMUNEX CORP.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands)
 Dec. 31: 1991 1990
 Assets:
 Current assets $164,325 $ 82,721
 Property, plant and equipment, net 73,117 36,312
 Other assets 16,581 2,055
 Total assets $254,023 $121,088
 Liabilities and stockholders' equity:
 Current liabilities $ 15,512 $ 8,532
 Long-term debt and other obligations 26,329 6,049
 Stockholders' equity 212,182 106,507
 Total liabilities and stockholders' equity $254,023 $121,088
 IMMUNEX CORP.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands except per-share amounts)
 Three months Twelve months
 Ended Dec. 31: 1991 1990 1991 1990
 Revenues:
 Product sales $ 9,847 $ 838 $ 34,160 $ 4,871
 Revenue under contractual
 arrangements 7,856 4,550 18,497 25,947
 Interest 2,952 1,202 9,958 4,061
 Total 20,655 6,590 62,615 34,879
 Costs and expenses:
 Cost of product sales 1,413 313 6,338 2,046
 Research and development 8,133 5,713 29,430 23,199
 Selling, general and
 administrative 7,456 6,975 25,740 14,540
 Interest 51 66 219 1,956
 Total 17,053 13,067 61,727 41,741
 Loss from joint venture -- (736) (86) (3,025)
 Net income (loss) 3,602 (7,213) 802 (9,887)
 Dividends on preferred stock -- -- -- (450)
 Net income (loss) applicable
 to common stock $ 3,602 $(7,213) $ 802 $(10,337)
 Net income (loss) per share $ 0.21 $ (0.63) $ 0.05 $ (1.10)
 Number of shares used for
 per-share amounts 17,093 11,471 16,443 9,377
 -0- 2/6/92
 /CONTACT: Jason Rubin or Valoree Dowell of Immunex, 206-587-0430/
 (IMNX BMY) CO: Immunex Corp. ST: Washington IN: MTC SU: ERN


SC-LM -- SE003 -- 7912 02/06/92 16:45 EST
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Date:Feb 6, 1992
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