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IMMUNEX REPORTS YEAR-END RESULTS

 SEATTLE, Feb. 11 /PRNewswire/ -- Immunex Corp. (NASDAQ: IMNX) today reported a net loss for the year ended Dec. 31, 1992, of $77.6 million, or $5.21 per share, on revenues of $70.9 million. For the year earlier, the company had reported net income of $802,000, or 5 cents per share, on revenues of $62.6 million.
 In the fourth quarter of 1992, Immunex recorded a one-time charge of $58.7 million, or $3.94 per share, which reflects the company's previously announced purchase of Receptech Corp. Receptech was formed by Immunex in 1989 to accelerate development of cytokine receptor products.
 "This was a year of change and of considerable progress for Immunex," said Immunex Chairman Stephen A. Duzan. "Three important new therapeutics advanced in clinical study, and we neared completion of a filing for an expanded label indication for Leukine. Immunex launched a new marketing and product development alliance with Bristol-Myers Squibb Co. (NYSE: BMY), revised a co-marketing agreement with the Hoechst organization, and announced a proposed merger agreement with Lederle Oncology Corp. In 1992, we also completed two new manufacturing plants with a combined cost of $62 million, discovered 8 new immune system molecules, published 75 scientific papers and hired 126 new employees," he noted.
 For the year, product sales totalled $51.9 million, an increase of 52 percent, compared to sales of $34.2 million in 1991. The increase reflected sales of anti-cancer products licensed from Bristol-Myers Squibb early in 1992. Net sales of Leukine(R) (Sargramostim), Immunex's white blood cell stimulant, declined to $26.3 million in 1992 from $29.1 million in 1991. The decrease was primarily the result of depressed sales in the first two quarters of 1992.
 Total expenses, excluding the one-time charge for the Receptech purchase, increased 45 percent for the year, to $89.8 million in 1992 from $61.7 million in 1991. Research and development expenses increased 26 percent to $37.1 million in 1992 from $29.4 million in 1991. Expanded clinical testing of four principal products and growth in proprietary research and development activities primarily accounted for the increase. A significant portion of the increase occurred in the second half of the year following an Immunex strategic decision to substantially accelerate spending levels for development of key new products.
 Selling, general and administrative expenses totalled $36.9 million in 1992, compared with $25.7 million in 1991. The increase primarily reflects expenses related to the selling and marketing of an expanded oncology product line.
 At year end, cash, cash equivalents and marketable securities totaled $99.6 million, which will be reduced by $59.8 million for the purchase of Receptech when completed this month. During 1992, Immunex used $23.2 million of its cash reserves to complete construction of two additional manufacturing plants.
 As previously announced, Immunex and American Cyanamid Co. (NYSE: ACY) have entered into an agreement to create a new biopharmaceutical company by merging Cyanamid's Lederle Oncology Corp. with Immunex. The resulting company will continue to be named Immunex Corp. and will be based in Seattle. The transaction, announced in December, is subject to the approval of Immunex shareholders and U.S. government agencies under the Hart-Scott-Rodino Act. It is anticipated that Immunex will file proxy materials with the Securities and Exchange Commission in the first quarter of 1993 and that Immunex stockholders will vote on the transaction during the second quarter of 1993.
 Immunex is a biopharmaceutical company focused on the discovery, development, manufacture and marketing of products to treat cancer and autoimmune disease.
 Financial highlights follow:
 IMMUNEX CORP.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands)
 Dec. 31, Dec. 31,
 1992 1991
 Assets:
 Current assets $ 118,726 $ 164,325
 Property, plant
 and equipment, net 96,993 73,117
 Other assets 20,071 16,581
 Total assets $ 235,790 $ 254,023
 Liabilities and stockholders' equity:
 Current liabilities $ 78,109 $ 15,512
 Long-term debt and other obligations 23,694 26,329
 Stockholders' equity 133,987 212,182
 Total liabilities and
 stockholders' equity $ 235,790 $ 254,023
 IMMUNEX CORP.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands except per-share amounts)
 Three months Twelve months
 Ended Dec. 31: 1992 1991 1992 1991
 Revenues:
 Product sales $ 14,184 $ 9,847 $ 51,917 $ 34,160
 Revenue under
 contractual
 arrangements 2,426 7,856 9,847 18,497
 Interest 1,407 2,952 9,153 9,958
 Total 18,017 20,655 70,917 62,615
 Costs and expenses:
 Cost of product sales 6,229 1,413 15,736 6,338
 Research and development 9,115 8,133 37,127 29,430
 Selling, general
 and administrative 11,203 7,456 36,934 25,740
 Interest -- 51 -- 219
 Purchase of in-process
 research and
 development 58,717 -- 58,717 --
 Total 85,264 17,053 148,514 61,727
 Loss from joint venture -- -- -- (86)
 Net income (loss) $(67,247) $ 3,602 $(77,597) $ 802
 Net income (loss)
 per share $ (4.50) $ 0.21 $ (5.21) $ 0.05
 Number of shares used
 for per share amounts 14,953 17,093 14,895 16,443
 -0- 2/11/93
 /CONTACT: Jason Rubin or Valoree Dowell of Immunex Corp., 206-587-0430/
 (IMNX BMY ACY)


CO: Immunex Corp. ST: Washington IN: MTC SU: ERN

LM -- SE005 -- 5881 02/11/93 16:41 EST
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