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IMMUNEX REPORTS THIRD QUARTER RESULTS

 SEATTLE, Oct. 21 /PRNewswire/ -- Immunex Corp. (NASDAQ: IMNX) today reported a net loss of $9.2 million, or 24 cents per share, for the quarter ended Sept. 30, 1993, on revenues of $38.4 million.
 Immunex merged with Lederle Oncology Corp., a unit of American Cyanamid Co. (NYSE: ACY) on June 1, 1993. As a result, year to date financial results are for the four months from the date of the merger through Sept. 30, 1993. For that period, the company reported a net loss of $355.7 million, or $9.39 per share, on revenues of $54.0 million. The loss includes a charge of $346.4 million, or $9.14 per share related to the merger.
 Net product sales for the quarter totaled $37.1 million. Net sales of LEUKINE(R) (Sargramostim), Immunex's white blood cell stimulant, totaled $11.2 million in the third quarter, compared to $8.2 million for the same period a year ago, and $11.3 million in the second quarter of 1993.
 Third quarter net sales of licensed cancer products totaled $5.8 million, compared to $6.4 million in the same period in 1992, and $6.9 million in the second quarter of 1993.
 "The merger transition was at its height for our sales operations during the third quarter," said Michael L. Kranda, Immunex president. "Organizational changes, territory realignment and extensive training on our new product line created some necessary and expected diversions for our sales force. However, we expect that our larger sales team and targeted managed care group will reach more customers and serve them more effectively in the long run," he concluded.
 Net sales of the six Lederle oncology products contributed through the merger totaled $19.8 million for the third quarter. For comparison purposes, sales of these products totaled approximately $20.0 million in the second quarter of 1993 and approximately $24.0 million in the third quarter of 1992.
 Under the terms of the governance agreement between Immunex and Cyanamid, Cyanamid is obligated to contribute cash or other product revenues to Immunex if sales of the Lederle oncology products do not achieve agreed-upon amounts from the date of merger in 1993 and each of the years through 1997. For the seven months ending Dec. 31, 1993, the revenue agreed upon for these products is approximately $70 million. For the first four months of the period, sales were $27.7 million.
 "It appears that sales of the Lederle oncology products will not achieve the revenue target set for 1993 due in part to continuing competitive pressures in the pharmaceutical business," said Steven Gillis, Ph.D., acting chairman and chief executive officer of Immunex. "However, the payment obligation was designed to provide Immunex with equivalent cash flow allowing us to maintain funding levels of our extensive clinical and research programs," he concluded.
 Total expenses for the quarter totaled $47.7 million. Research and development expenses totaled $21.8 million for the three-month period. This is slightly ahead of the spending pace reported for the month of June of $6.3 million, which reflects the impact of additional clinical studies of the company's products. Immunex also contributes to an oncology research collaboration with Cyanamid that is reflected in the R&D expense line.
 Cash and marketable securities at the end of September totaled $27.2 million, down from $36.8 million at June 30. To date, the company has not drawn on a $25 million line of credit that was secured if needed to meet near-term working capital requirements, but the company does expect cash needs to increase in the fourth quarter of 1993.
 Immunex is a biopharmaceutical company focused on the discovery, development, manufacture and marketing of products to treat cancer and autoimmune disease.
 IMMUNEX CORP.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands except per share amounts)
 Three months Period
 ended June 2 to
 Sept. 30, 1993 Sept. 30, 1993
 Revenues:
 Product sales $ 37,126 $ 52,192
 Revenue under
 contractual
 arrangements 1,059 1,407
 Interest 250 443
 Total 38,435 54,042
 Costs and expenses:
 Cost of product sales 10,071 13,870
 Research and development 21,832 28,106
 Selling, general and
 administrative 15,369 20,875
 Interest 394 489
 In-process research and
 development -- 346,359
 Total 47,666 409,699
 Net loss $ (9,231) $ (355,657)
 Net loss per share $ (0.24) $ (9.39)
 Number of shares used
 for per share amounts 38,389 37,878
 IMMUNEX CORP.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands)
 1993 Sept. 30 June 30
 Assets:
 Current assets $ 60,460 $ 71,170
 Property, plant and
 equipment, net 100,755 100,081
 Other assets 51,239 53,880
 Total assets $ 212,454 $ 225,131
 Liabilities and stockholders'
 equity:
 Current liabilities $ 43,463 $ 43,881
 Long-term debt and
 other obligations 22,725 23,123
 Stockholders' equity 146,266 158,127
 Total liabilities and
 stockholders' equity $ 212,454 $ 225,131
 -0- 10/21/93
 /CONTACT: Valoree Dowell, of Immunex, 206-587-0430/
 (IMNX ACY)


CO: Immunex Corp.; Lederle Oncology Corp.; American Cyanamid Co. ST: Washington IN: MTC SU: ERN

IC -- SE008 -- 2100 10/21/93 17:15 EDT
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Date:Oct 21, 1993
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