Business Editors/Health & Medical Writers
(BW HealthWire) — Following Genentech Inc.’s second quarter earnings release, IDEC Pharmaceuticals Corporation (Nasdaq:IDPH) today announced that the collaboration between IDEC and Genentech achieved U.S. net sales of Rituxan(R) (Rituximab) totaling $96.7 million for the three months ending June 30, 2000. This level of sales results in a preliminary net income estimate for IDEC of approximately $0.26 per share on a diluted basis for the second quarter of 2000. IDEC’s full financial results for the second quarter are expected to be released on July 18, 2000, after the close of market.
“We are very pleased with the growth of U.S. Rituxan sales in the second quarter,” said William R. Rohn, IDEC’s chief operating officer. “Compared to the second quarter of 1999, we realized a more than 41 percent increase in U.S. Rituxan sales. We believe this sales performance is indicative of Rituxan’s increasing acceptance within the oncology community as a beneficial therapy for non-Hodgkin’s lymphoma.”
The net sales of Rituxan reported by Genentech in the second quarter included $6.1 million of ex-US sales to its partner F. Hoffmann-La Roche Ltd. 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 second quarter, $2.0 million in royalties from Roche’s end-user sales during the first quarter.
Rituxan is copromoted in the United States by IDEC and Genentech. Rituximab was discovered by IDEC and 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 Japan.
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.
IDEC Pharmaceuticals’ news releases are available at no charge through Business Wire’s News on Demand Plus. 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 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, 1999 and Form 10-Q for the quarter ended March 31, 2000, 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 is located at 3030 Callan Road, San Diego, CA 92121.
--30--jf/sd* CONTACT: IDEC Pharmaceuticals Corporation Connie Matsui, 858/431-8656 KEYWORD: CALIFORNIA INDUSTRY KEYWORD: BIOTECHNOLOGY MEDICAL MEDICAL DEVICES PHARMACEUTICAL