MEDIMMUNE ANNOUNCES THIRD QUARTER RESULTS
MEDIMMUNE ANNOUNCES THIRD QUARTER RESULTS GAITHERSBURG, Md., Nov. 6 /PRNewswire/ -- MedImmune, Inc.
(NASDAQ: MEDI) today announced results for the third quarter which ended Sept. 30, 1991. The company had total revenue of $2.4 million and net income of $0.1 million compared to total revenue of $0.5 million and a net loss of $1.2 million in the same period in 1990. Revenue from shipments of CytoGamTM, the company's immunotherapeutic for CMV infection, was $1.2 million for the third quarter compared to $1.5 million in the second quarter. The company expect that sales of the product by Connaught Laboratories, Inc., the exclusive distributor, will begin soon through their dedicated field force pending FDA approval for Connaught to fill and package CytoGamTM at their Swiftwater, Pennsylvania manufacturing facilities.
For the first nine months of 1991, revenues totaled $10.4 million compared to $1.8 million in the same period of 1990. Net earnings were $1.6 million or $0.11 per share, versus a net loss of $2.5 million in the 1990 period. "These results were consistent with our expectations and reflect our commitment to profitable growth from the development of our therapeutic and vaccine products," said Dr. Wayne T. Hockmeyer, president and chief executive officer of MedImmune. "However, quarter to quarter financial results may vary significantly, due to the timing of product deliveries, milestone payments and the pace of research and development activities. We are encouraged by MedImmune's continued scientific and business progress." The company further announced on Oct. 22, 1991 an agreement in principle with Merck & Co., Inc. on a comprehensive program to develop and co-promote AIDS immunotherapeutic products based on MedImmune's human monoclonal antibodies. The proposed arrangements contemplate a joint research, development and marketing program under which MedImmune would receive up to $13.3 million in research funding over three year and royalties and sale commissions on worldwide product sales. MedImmune, Inc. was founded in 1988 to develop, manufacture and market therapeutics and vaccines for the treatment and prevention of certain infectious diseases and cancers. -0- 11/6/91 /CONTACT: Fred Spar of Kekst and Company, 212-593-2655, for MedImmune/ (MEDI) CO: MedImmune, Inc. ST: Maryland IN: MTC SU: ERN SM -- NY096 -- 1942 11/06/91 17:35 EST
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|Date:||Nov 6, 1991|
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