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(BW HealthWire) — Following Genentech Inc.’s first 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 $78.0 million for the three months ending March 31, 2000. Rituxan is copromoted in the United States by IDEC and Genentech. IDEC’s share of copromotion profits from this level of sales results in a preliminary net income estimate for IDEC of approximately $0.07 per share on a diluted basis for the first quarter of 2000. IDEC’s full financial results for the first quarter are expected to be released on April 20, 2000.
“We continue to be extremely pleased and encouraged with Rituxan’s performance,” said William R. Rohn, chief operating officer. “Our performance for the quarter was on target in terms of our own forecasts of Rituxan sales and corporate expenses. Compared to the same period a year ago, net sales for the first quarter are up 50 percent. Equally significant, based on independent market research, physicians expect to further increase their use of Rituxan in the treatment of non-Hodgkin’s lymphomas.”
In addition to U.S. sales of Rituxan, Genentech recorded during first quarter of 2000 $7.1 million of ex-U.S. sales of Rituximab that were shipped 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 recorded with a one-quarter lag. IDEC recognized, during the first quarter, $1.8 million in royalties from Roche’s end-user sales during the fourth quarter of 1999.
Rituximab was discovered by IDEC and was jointly developed by IDEC, Genentech, 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 pre-clinical 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, 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.
CONTACT: IDEC Pharmaceuticals Corporation Vince Reardon, 858/431-8656 KEYWORD: CALIFORNIA INTERNATIONAL EUROPE INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL MEDICAL PRODUCT EARNINGS