ImClone's 3rd-qtr income rises 88%

US drugmaker ImClone systems, which recently appointed billionaire investor Carl Icahn as chairman following a bitter dispute with the previous board of directors (Marketletters passim), says that its net income for the third quarter of 2006 was $57.3 million, up 87.8%. The firm said that this had been driven by revenue of $150.7 million, a rise of 42% on the comparable year-earlier quarter.

ImClone went on to say that it received royalty revenue of $78.9 million, up 69%, adding that this included 39% of Bristol-Myers Squibb's in-market sales of Erbitux (cetuximab) of $174.6 million. In addition, the firm's turnover from license fees and developmental milestones was $34.9 million, representing growth of 28.8%.