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MEDIMMUNE REPORTS FIRST QUARTER OF CYTOGAM(R) PRODUCT SALES

 GAITHERSBURG, Md., May 10 /PRNewswire/ -- MedImmune, Inc. (NASDAQ: MEDI) today reported results for the first quarter ended March 31, 1993. These results included $1.6 million in product sales from the first full quarter of CytoGam(R) sales following the acquisition of distribution rights from Connaught Laboratories, Inc. in December 1992.
 "We are very encouraged by the initial results of our sales and marketing program for CytoGam," said Wayne T. Hockmeyer, Ph.D., chief executive officer. "Clearly, as expected, the market for CytoGam is competitive and it will take time and hard work to achieve significant sales gains. However, we are off to an excellent start and we are very pleased with both the efforts and success of our new sales force."
 For the first quarter of 1993, MedImmune reported revenues of $2.1 million and a net loss of $3.7 million or $0.22 per share, compared to $3.8 million of revenue, and net earnings of $0.1 million of $0.01 per share in the first quarter of 1992.
 Revenue from CytoGam increased to $1.6 million in first quarter 1993, compared to $1.2 million in first quarter 1992. CytoGam revenue in first quarter 1992 represented shipments of bulk product to a distributor and not end user sales and are, therefore, not directly comparable to the first quarter 1993 sales. Approximately 15 percent of first quarter 1993 sales relate to initial stocking by wholesalers. Research revenue totaled $0.5 million in first quarter 1993 versus $2.6 million a year ago due primarily to the research funding recognized in 1992 under the collaborative agreement with Merck & Co., Inc. to develop MEDI 488 and other HIV antibodies. As previously announced, MedImmune agreed with Merck to defer additional research funding under this agreement until the achievement of certain research and clinical milestones and will receive an increased royalty rate on any resulting product.
 Operating expenses for first quarter 1993 increased $1.9 million to $6.2 million from $4.3 million in the 1992 quarter, including an increase in marketing and selling expenses of $1.2 million. This increase was primarily associated with building a sales force for CytoGam and related marketing activities. Research and development spending in the first quarter rose 24 percent to $3.1 million from $2.5 million in the 1992 quarter.
 Dr. Hockmeyer added that, "Our first quarter results were in line with our expectations. MedImmune, by launching sales and marketing programs for CytoGam and conducting market research and market development in preparation to launch Respivir(TM) (if and when approved by the U.S. Food and Drug Administration) has made a significant investment in its future. While these factors will continue to impact near-term earnings, we are encouraged by the initial results of our sales and marketing programs and continued progress in moving products forward in the R&D pipeline."
 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. MedImmune's corporate headquarters are in Gaithersburg.
 MEDIMMUNE, INC.
 Selected Financial Information
 Condensed Statements of Operations
 (In thousands, except per share data, unaudited)
 Quarter ended March 31 1993 1992
 Revenues
 Product sales $1,553 $1,195
 Research and development 523 2,811
 Total 2,076 3,806
 Expenses:
 Cost of sales 917 1,074
 Research and development 3,112 2,519
 Selling, administrative and general 2,179 721
 Total 6,208 4,314
 Interest income, net 512 628
 (Loss) earnings before taxes (3,620) 120
 Provision for income taxes 45 25
 Net (loss) earnings (3,665) 95
 (Loss) earnings per share (0.22) 0.01
 Shares used in computing earnings per share 16,606 16,822
 Condensed Balance Sheet (Unaudited)
 3/31/93 12/31/92
 Assets:
 Cash and marketable securities $37,601 $48,860
 Inventory 3,867 4,048
 Property and equipment, net 6,488 6,114
 Other assets 4,242 3,221
 Total 52,196 60,243
 Liabilities and stockholders' equity:
 Accounts payable and accrued expenses 2,728 1,513
 Obligations related to product acquisition 3,365 8,871
 Other liabilities 3,016 3,107
 Stockholders' equity 43,087 46,752
 Total $62,196 $60,243
 Common shares outstanding $13,391 $13,386
 -0- 5/10/93
 /CONTACT: Emilio O. DiCataldo, senior vice president-finance and administration of MedImmune, Inc., 301-417-0770, or Anthony J. Russo, Ph.D., of Noonan/Russo Communications, Inc., 212-979-9180, for MedImmune, Inc./
 (MEDI)


CO: MedImmune, Inc. ST: Maryland IN: MTC SU: ERN

TS-OS -- NY077 -- 6609 05/10/93 15:39 EDT
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Date:May 10, 1993
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