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Financial Report: ImClone Systems 1Q08

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By: Tim Wright

Editor-in-Chief, Contract Pharma

ImClone Systems 

1Q Revenues: $162.6 million (+15%)

1Q Loss: $55.9 million (earnings were $28.8 million in 1Q08)

Comments: Erbitux sales were $417.3 million (+12%). Royalty revenue related to Erbitux was $95.0 million (+24%). License fees and milestone revenue was $24.1 million (-18%). This decrease was due to the amended agreement with BMS for the co-development and co-commercialization for Erbitux in North America. Manufacturing revenue was $25.4 million (+54%) due to increased demand for Erbitux. Operating expenses for the quarter were $120.1 million (+27%) with SG&A representing $24.8 million (+51%), royalty expenses representing $23.5 million (+40%), and manufacturing costs of $24.1 million (+73%). R&D expenses were flat at $47.7 million. The company also recorded an impairment charge of $84.9 million related investments in auction rate securities (ARS).

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