ImClone sees 1st-qtr profit slump
New York, USA-headquartered ImClone Systems saw its first-quarter 2007 profit plummet to $28.8 million, or $0.33 per share, compared to $229.6 million, or $2.51, in the like year-ago period, as license and milestone revenues fell significantly. However, the figures exceeded analysts' consensus expectations, and the company's share price rose 1.7% to $43.47 in late trading on the day of the announcement, April 26.
Total turnover fell to $141.5 million, from $245.1 million, while license fee and milestone revenues plunged to $29.3 million form $144.4 million. Royalty revenues rose 26.7% to $76.4 million, including 39% of licensee Bristol-Myers Squibb's in-market Erbitux (cetuximab) net sales of $160.1 million, an increase of 16%. Merck KGaA sells Erbitux outside the USA.
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