(BW HealthWire) — IDEC Pharmaceuticals Corporation (Nasdaq: IDPH) today announced that the collaboration between IDEC and Genentech, Inc. achieved U.S. net sales of Rituxan(R) (rituximab) totaling $235.0 million for the three months ended March 31, 2002. This level of sales results in a preliminary net income estimate for IDEC of approximately $0.17 per share on a diluted basis for the first quarter of 2002.
IDEC’s actual results for the first quarter are expected to be released on April 18, 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.
“We are very pleased with the performance of Rituxan in the first quarter of this year,” said William R. Rohn, IDEC’s president and chief operating officer. “Net sales for the first quarter of 2002 increased $67 million to $235 million, compared to $168 million from the first quarter of 2001, representing a 40 percent increase year over year.”
The net sales of Rituxan reported by Genentech in the first quarter included $12.5 million of ex-US 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’s end-user sales and is booked with a one-quarter lag. IDEC will recognize, during the first quarter of 2002, $9.0 million in royalties from Roche’s and Zenyaku’s end-user sales during the fourth quarter of 2001.
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.
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, 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. The company’s headquarters are 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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