ImClone's Q1 profit soars to $229M

New York, USA-based ImClone Systems says that its net income for the first three months of 2006 reached $229.6 million, or $2.51 per share, beating analysts' prediction of $215.4 million and earnings per share of $0.83.

The firm's revenue nearly tripled to $245.1 million, from $85.8 million last year, on the receipt of $144.4 million from licensing and developmental milestone payments. The amount is related to the Food and Drug Administration's recent approval of the the company's product Erbitux (cetuximab) as a treatment for cancers of the head and neck (Marketletter March 13).

ImClone's share price hit $1.60, or 4.4%, to $37 in premarket activity on the day of the announcement.