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IMMUNEX REPORTS FIRST-QUARTER LOSS

 IMMUNEX REPORTS FIRST-QUARTER LOSS
 SEATTLE, April 23 /PRNewswire/ -- Immunex Corp. (NASDAQ: IMNX)


today reported a net loss of $2.8 million, or 19 cents per share, for the quarter ended March 31, on revenues of $14.7 million. In the first quarter of 1991, the company reported a net loss of $4.2 million, 33 cents per share, on revenues of $8.6 million.
 Net product sales totalled $8.5 million for the period, compared to $4.2 million in the same period a year ago and $9.8 million in the fourth quarter of 1991. First quarter sales of cancer products licensed by Immunex from Bristol-Myers Squibb Co. in January totalled 4.9 million. Sales of Leukine(R) (Sargramostim), Immunex's white blood cell stimulant, totalled $3.4 million, compared to $3.3 million in the first quarter of 1991 and $9.7 million in the fourth quarter of 1991.
 Immunex attributed the recent drop in Leukine sales in significant part to a product giveaway program in which the company's U.S. co- marketing partner, Hoechst-Roussel Pharmaceuticals Inc. (HRPI), shipped large supplies of PROKINE brand Sargramostim as free samples to Immunex's hospital customers. On April 2, Immunex projected a loss for the first quarter and filed suit against HRPI, its parent Hoechst AG and its affiliate Behringwerke AG alleging breach of contract, business interference and unfair competition.
 Immunex ended the quarter with $135 million in cash and marketable securities. With these funds, the company expects to support its research and product development programs. During the quarter, the company expended $9.1 million, primarily on completion of its manufacturing facilities north of Seattle. The 80,000 square foot microbial facility is scheduled for completion later this year, after which capital expenditures are expected to decline significantly.
 Research and development expenses increased 24 percent to $7.8 million in the first quarter from $6.3 million in the same period in 1991 reflecting expanded clinical testing of two new Immunex products, PIXY321 and Interleukin-1 receptor. Phase I studies of PIXY321 are now being conducted at seven cancer centers in the United States and Canada. Three Phase I studies of Interleukin-1 receptor are underway to investigate its potential as a treatment for allergies and rheumatoid arthritis.
 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)
 March 31, Dec. 31,
 1992 1991
 Assets:
 Current assets $ 150,025 $ 164,325
 Property, plant and equipment, net 82,224 73,117
 Other assets 16,842 16,581
 Total assets $ 249,091 $ 254,023
 Liabilities and stockholders' equity:
 Current liabilities $ 13,806 $ 15,512
 Long-term debt and other obligations 25,159 26,329
 Stockholders' equity 210,126 212,182
 Total liabilities and
 stockholders' equity $ 249,091 $ 254,023
 IMMUNEX CORP.
 STATEMENTS OF INCOME
 (In thousands except per share amounts)
 Ended March 31: 1992 1991
 Revenues:
 Product sales $ 8,538 $ 4,219
 Revenue under contractual arrangements 3,296 2,893
 Interest 2,877 1,525
 Total 14,711 8,637
 Costs and expenses:
 Cost of product sales 2,111 946
 Research and development 7,767 6,332
 Selling, general and administrative 7,681 5,402
 Interest -- 58
 Total 17,559 12,738
 Loss from joint venture -- (86)
 Net loss $ (2,848) $ (4,187)
 Net loss per common share $ (0.19) $ (0.33)
 Number of shares used for
 per-share amounts 14,855 12,865
 -0- 4/23/92
 /CONTACT: Jason Rubin or Valoree Dowell of Immunex, 206-587-0430/
 (IMNX) CO: Immunex Corp. ST: Washington IN: MTC SU: ERN


LM -- SE002 -- 2117 04/23/92 16:31 EDT
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Date:Apr 23, 1992
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