IMNX posts excellent 3Q results:
Link: dailynews.yahoo.com
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Immunex EPS Beats Estimates, Hits Record
SEATTLE (Reuters) - Immunex Corp (Nasdaq:IMNX - news). Monday posted net ncome of $21.0 million, or 12 cents per share, for the third quarter, up from a net loss of $4.9 million, or 3 cents a share a year earlier and topping the 10-cents-per share consensus forecast of analysts polled by First Call/Thomson Financial.
The Seattle-based drug development company reported record revenues of $152.4 million, up from $49.2 million in the third quarter of 1998, including $102 million from sales of Enbrel, a treatment for heumatoid arthritis that was launched in last year's fourth quarter.
''Record revenues are generating increased profits and increased investment in our expanding pipeline of new product opportunities -- which is the essential element for achieving sustainable, long-term growth,'' said Ed Fritzky, Immunex chairman and chief executive.
Immunex said it spent $31.1 million on research and development in the quarter, up from $26.9 million a year earlier. Revenues for the quarter included a $10 million milestone payment related to Enbrel sales.
American Home Products Corp (NYSE:AHP - news). owns a majority stake of Immunex, which has also developed treatments for cancer and infectious diseases.
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