(BW HealthWire) — IDEC Pharmaceuticals Corporation (Nasdaq: IDPH) today announced a preliminary net income estimate of approximately $0.20 per share on a diluted basis for the second quarter of 2002.
This level of net income was achieved through the combination of U.S. net sales of Rituxan(R)(rituximab), which IDEC copromotes in the U.S. with Genentech, Inc., totaling $257.4 million for the three months ended June 30, 2002, and U.S. net sales of Zevalin(TM)(ibritumomab tiuxetan) totaling $3.3 million, which IDEC markets alone in the U.S.
IDEC’s actual results for the second quarter are expected to be released on July 17, 2002, after the close of market. Following the release, IDEC will host a live webcast of a discussion by IDEC management between 1:30 p.m. and 2:30 p.m. PST. The webcast will be accessible through IDEC’s website at idecpharm.cdmail.biz and will be archived for 10 business days.
Net sales of Rituxan as booked by Genentech for the second quarter of 2002 increased $77.4 million to $257.4 million, compared to $180 million from the second quarter of 2001, representing a 43 percent increase from the same quarter last year. For the first six months, net sales of Rituxan amounted to $492.4 million, a 41.5 percent increase over the first half of 2001.
The net sales of Rituxan reported by Genentech in the second quarter included $17.5 million of ex-U.S. sales to its partners F. Hoffmann-La Roche Ltd. and Zenyaku Kogyo Co. Ltd. of Japan. IDEC’s royalty revenue on sales of Rituximab outside the U.S. is based on Roche and Zenyaku’s end-user sales and is booked with a one-quarter lag. IDEC will recognize, during the second quarter of 2002, $11.1 million in royalties from Roche’s and Zenyaku’s end-user sales during the first quarter of 2002.
Rituxan was discovered by IDEC and is copromoted in the United States by IDEC and Genentech. Rituxan is jointly developed by IDEC, Genentech Inc., F. Hoffmann-La Roche Ltd. of Switzerland and Zenyaku Kogyo Co. Ltd. of Japan. Roche has marketing rights to Rituximab outside of the United States, and copromotes Rituxan in Japan in collaboration with Zenyaku Kogyo. Zevalin was discovered and is promoted in the U.S. by IDEC. Schering AG retains marketing and distribution rights to Zevalin outside the U.S.
IDEC Pharmaceuticals focuses on the commercialization and development of targeted therapies for the treatment of cancer and autoimmune diseases. IDEC’s antibody products act chiefly through immune system mechanisms, exerting their effect by binding to specific, readily targeted immune cells in the patient’s blood or lymphatic systems. For a menu of IDEC’s current news releases and quarterly reports or to retrieve a specific release, call (888) 329-2309. On the Internet check the News Center at IDEC’s website: http://idecpharm.cdmail.biz.
The statements made in this press release contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from IDEC’s expectations. For example, the timing, success and cost of preclinical research and clinical studies, the timing, acceptability and review periods for regulatory filings, the timing of and ability to obtain regulatory approval of products, the timing of product launches, the achievement of future product sales, the level of manufacturing performance and the risk factors listed from time to time in IDEC’s SEC filings including but not limited to its Annual Report on Form 10-K for the year ended December 31, 2001 and Form 10-Q for the first quarter ended March 31, 2002, which may affect the actual results achieved by IDEC. These forward-looking statements represent the company’s judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.
IDEC Pharmaceuticals and Rituxan are registered U.S. trademarks of the company. Zevalin is a trademark of the company. The company’s headquarters is located at 3030 Callan Road, San Diego, CA 92121.CONTACT: IDEC Pharmaceuticals Corporation Vince Reardon, Director, Corporate Communications 858/431-8656
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