ImClone Systems Incorporated 2nd Quarter Earnings Fall; Sees New CEO Soon
Published: Jul 31, 2007
NEW YORK--(BUSINESS WIRE)--ImClone Systems Incorporated (NASDAQ: IMCL - News) today announced its financial results for the second quarter and six months ended June 30, 2007. Global net sales of ERBITUX® for the second quarter of 2007 were $319.2 million, compared to $274.8 million in the second quarter of 2006, an increase of $44.4 million, or 16%. International, or non-U.S., net sales of ERBITUX were $157.2 million, compared to $102.5 million for the second quarter of 2006, an increase of $54.7 million, or 53%. U.S. in-market net sales of ERBITUX for the second quarter of 2007 were $162.1 million, compared to $172.4 million for the second quarter of 2006, a decrease of 6%. This year-over-year difference in U.S. sales is largely attributable to two factors. First, Panitumumab was not approved by the Food and Drug Administration until the third quarter of 2006. Second, U.S. ERBITUX sales for the second quarter of 2006 were boosted by a one-time bolus of sales of approximately $15 million related to pent-up demand for ERBITUX after receiving FDA approvals in head and neck cancer. Notably, in the second quarter of 2007, the Company achieved a significant milestone in that it reversed a negative sales trend observed since the introduction of Panitumumab.