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IMMUNEX REPORTS THIRD-QUARTER RESULTS; REVENUES AND EXPENSES INCREASE

IMMUNEX REPORTS THIRD-QUARTER RESULTS; REVENUES AND EXPENSES INCREASE
 SEATTLE, Oct. 22 /PRNewswire/ -- Immunex Corp. (NASDAQ-NMS:IMNX) today reported a net loss of $4.1 million, or 28 cents per share, for the quarter ended Sept. 30, on revenues of $21.1 million. In the third quarter of 1991, the company reported a net gain of $883,000, or 5 cents per share, on revenues of $17.4 million.
 The loss for the quarter includes a one-time payment of $2.0 million, or 13 cents per share, made to acquire commercial rights to Tumor Necrosis Factor (TNF) receptor outside the United States and Canada from Behringwerke A.G. Human clinical testing of TNF receptor, one of four principal Immunex products currently under clinical investigation, began in July.
 For the nine months ended Sept. 30, the company reported a net loss of 70 cents per share, compared to a net loss of 20 cents per share for the same period in 1991. Revenues for the year to date grew 26 percent to $52.9 million from $42.0 million for the same period in 1991.
 For the quarter, net product sales totalled $15.7 million, compared to $11.7 million in the third quarter a year ago. Sales of LEUKINE(R) (Sargramostim), Immunex's white blood cell stimulant, totalled $8.2 million in the third quarter, compared to $9.5 million for the same period a year ago. LEUKINE sales increased 26 percent over second- quarter sales of $6.5 million; sales in the first quarter totalled $3.4 million.
 In the third quarter, research and development expenses were $11.6 million, compared to $7.9 million for the same period a year ago. Excluding this quarter's $2.0 million payment for commercial rights to TNF receptor, R&D expenses increased 22 percent over the third quarter in 1991, reflecting the continuing expansion of clinical studies of the company's principal products.
 Selling, general and administrative expenses increased to $9.7 million in the third quarter of 1992, compared to $6.3 million for the same period in 1991. The increase was due in part to legal expenses related to settlement of the Hoechst suit and preparations to defend the company in two shareholder suits.
 Cash and marketable securities at Sept. 30 totalled $104.8 million. Immunex recently completed construction of a $70 million pharmaceutical manufacturing facility and held dedication ceremonies last week at the new Immunex Manufacturing and Development Center campus in Bothell, Wash. The facility is producing TNF receptor for clinical trials; production of PIXY321 is planned to begin in 1993.
 Immunex is a biopharmaceutical company focused on the research, development, manufacture and marketing of products to treat cancer and autoimmune disease.
 IMMUNEX CORP.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands)
 Sept. 30, Dec. 31,
 1992 1991
 ASSETS:
 Current assets $ 129,470 $ 164,325
 Property, plant and equipment, net 92,800 73,117
 Other assets 20,319 16,581
 Total assets $ 242,589 $ 254,023
 LIABILITIES AND STOCKHOLDERS' EQUITY:
 Current liabilities $ 17,149 $ 15,512
 Long-term debt and other obligations 22,482 26,329
 Stockholders' equity 202,958 212,182
 Total liabilities and stockholders' equity $ 242,589 $ 254,023
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands except per-share amounts)
 Three months Nine months
 Period Ended Sept. 30: 1992 1991 1992 1991
 Revenues:
 Product sales $ 15,723 $ 11,663 $ 37,733 $ 24,313
 Revenue under
 contractual
 arrangements 2,629 2,976 7,421 10,641
 Interest 2,784 2,756 7,746 7,006
 Total 21,136 17,395 52,900 41,960
 Costs and expenses:
 Cost of product sales 3,894 2,257 9,507 4,925
 Research and development 11,636 7,896 28,012 21,297
 Selling, general and
 administrative 9,715 6,289 25,731 18,284
 Interest -- 70 -- 168
 Total 25,245 16,512 63,250 44,674
 Loss from joint venture -- -- -- (86)
 Net income (loss) $ (4,109) $ 883 $ (10,350) $ (2,800)
 Net income (loss)
 per share $ (0.28) $ 0.05 $ (0.70) $ (0.20)
 Number of shares used
 for per share amounts 14,892 16,988 14,876 14,120
 -0- 10/22/92
 /CONTACT: Jason Rubin or Valoree Dowell of Immunex, 206-587-0430/
 (IMNX) CO: Immunex Corp. ST: Washington IN: MTC SU: ERN


LM -- SE007 -- 3834 10/22/92 16:31 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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