11
BioTech Navigator, August 1997
Selected Balance Sheet Data Year Ends Dec 31 (000s)
Income Statement Year Ends Dec 31 (000s)
Quarterly Income Statement (000s)
Immunex Corporation
When we first evaluated Im-
munex we were concerned about
slowly declining revenues and sales.
Our concern was the capability for
Immunex to be an effective marketer.
For the six months ended June 1997,
revenues fell 1% to $82.5 million as
compared to 1996 for the same period
and that is due to non-recurring con-
tract and license payments that were
received in the first half of 1996. Net
loss rose to $17.4 million compared to
$12.5 million for the same period in
1996. Sales of Novantrone and
Leukeine have increased for 1997 sec-
ond half, up 38% and 7% for the
same period a year earlier, but the
higher loss reflects higher selling,
marketing, promotional and interest
expenses. Net sales of Novantrone
totaled $36.7 million, $43.0 million
and $39.1 million in 1996, 1995 and
1994, respectively. The change in
Novantrone sales is due primarily to
distributor purchasing patterns which
affected sales levels in 1995 and 1996.
Net sales of Leukine totaled $43.1
million, $41.4 million and $45.6 mil-
lion in 1996, 1995 and 1994, respec-
tively. Sales of Novantrone and
Leukine have improved as they begin
to gain market share and acceptance.
When we featured Immunex
in our prostate cancer issue back in
April 1997, stock price was sitting at
$27.88. Currently it closed at $39.75.
With its current product platform, Im-
munex is performing as expected.
But if Enbrel does receive FDA ap-
proval, given the tremendous market
for a good rheumatoid arthritis drug
and the fact that it is ahead of major-
ity of its competitors in terms of being
at the late stage of clinical trials, Im-
munex could do extremely well.
1996
1995
1994
Revenue
Product Sales
Royalties & Contract Revenue
Fees
Total Revenue
129,528
21,670
0
151,198
137,639
18,977
0
156,616
135,795
8,537
0
144,332
Expenses
Cost of Goods Sold
Research & Development
Selling, Gen. & Admin.
Total Expenses
21,860
96,612
69,968
188,440
24,555
83,463
59,318
167,336
28,180
77,553
67,729
173,462
Income (loss) before Taxes
Net Income
Earnings per Share
Shares outstanding (mil)
(53,472)
(53,632)
(1.35)
39,602
(11,054)
(11,300)
(.29)
39,590
(31,146)
(33,104)
(.85)
39,170
1994
1995
1996
Assets
Cash & Equivalent Assets
Inventory
Total Current Assets
Net property, Plant and Equipment
Total Assets
23,861
8,893
54,611
80,021
177,787
20,437
8,302
50,415
87,540
174,037
24,737
11,725
57,339
192,665
Liabilities & Shareholders' Equity
Current Liabilities
Long Term Debt
Shareholders' Equity
Total Liabilities & Shareholders' Equity
31,497
8,580
137,710
177,787
32,785
4,609
136,643
174,037
41,722
39,016
111,937
192,665
Q1 3-96
Q2 6-96
Q3 9-96
Q4 12-96
Revenue
EPS
41,750
(.16)
41,616
(.16)
33,357
(.27)
76,225
(.76)
Q1 3-97
Q2 6-97
Q3 9-97 (E)
Q4 12-97 (E)
Revenue
EPS
39,447
(.22)
43,000
(.22)
40,000
(.18)
40,000
(.12)
Valuation
