ImClone Q1 revenue nearly triples due to Bristol-Myers Squibb Erbitux milestone payment

By Angela McDaniels

Seattle, April 25 -ImClone Systems Inc. said its total revenue increased 186% to $245.1 million for the first quarter ended March 31 from $85.8 million for the first quarter of 2005.

First-quarter revenue for 2005 included a "catch-up" amortization effect of about $112.7 million associated with the $250 million milestone payment received on March 31 from partner Bristol-Myers Squibb after the Food and Drug Administration approved Erbitux (cetuximab) for the treatment of squamous cell carcinoma of the head and neck, according to a company news release.

Net income for the first quarter increased to $229.6 million from $28.8 million for the first quarter of last year.

GAAP diluted earnings per share increased to $2.51 in the first quarter from $0.33 in the first quarter of 2005. Non-GAAP earnings per share, excluding the effects of a one-time tax benefit, were $1.43 for the first quarter ended March 31.

New York-based ImClone develops targeted biologic treatments for cancer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.