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Biotech / Medical : Immunex
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To: LemurHouse who wrote (258)11/19/1998 8:00:00 PM
From: Anthony Wong   of 656
 
16:37 T CNBC's FABER REPORT: Immunex May See Strong Enbrel Sales

On now to a Faber File. Shares of Immunex are soaring today. The company,
fresh from gaining approval for its arthritis drug Enbrel, appears to be
getting ready for sales of the drug well in excess of those expected by Wall
Street analysts. In its latest quarterly filing, Immunex says it has committed
to purchase $104 million worth of Enbrel from the company manufacturing the
drug for Immunex. Since Immunex sells the drug for about five times its
manufacturing cost, one large investor in the company tells me it's clear
Immunex expects sales that would outpace even the most optimistic analyst
forecast. Analysts had expected Immunex to order about $35 million worth of the
drug and sell as much as $250 million in the next year. A company spokesman
said Immunex is heartened by Enbrel's initial launch and feedback from the
reimbursement community has been upbeat."
(END) DOW JONES NEWS 11-19-98

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