(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 $226.0 million for the three months ended December 31, 2001. Total U.S. net sales of Rituxan for 2001 were $779.0 million, compared to $424.3 million for 2000. This level of sales results in a preliminary net income estimate for IDEC of approximately $0.16 per share on a diluted basis for the fourth quarter of 2001 and $0.59 per share on a diluted basis for the full year 2001.
IDEC’s full financial results for the fourth quarter are expected to be released on January 29, 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 48 hours.
“Medical oncologists and hematologists continue to explore the therapy’s growing utility in the management of certain B-cell non-Hodgkin’s lymphomas,” said William R. Rohn, IDEC’s president and chief operating officer. “Net sales for the past year are up 84 percent compared to 2000, and fourth quarter sales in 2001 are up 69 percent, compared to the fourth quarter of 2000.”
The net sales of Rituxan reported by Genentech in the fourth quarter included $20.0 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 fourth quarter of 2001, $5.0 million in royalties from Roche’s end-user sales during the third quarter.
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. In particular, the timing and nature of the resolution of the manufacturing issues at the company’s third party manufacturer will depend on the ability of that party to demonstrate to the satisfaction of the FDA compliance with Good Manufacturing Practices (GMP). The failure to satisfy GMP requirements could delay approval and commercial launch of Zevalin(TM) (ibritumomab tiuxetan). Reference is also made to 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, 2000 and Form 10-Q for the third quarter ended September 30, 2001, which may affect 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 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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