8.11.2000: ENZON Break-even! - 500 Beiträge pro Seite

[Nummer2]

Enzon Reports First Quarter Fiscal Year 2001 Earnings


PISCATAWAY, N.J.--(BUSINESS WIRE)--Nov. 8, 2000--Enzon, Inc. (NASDAQ:ENZN) announced today its financial results for the first quarter of fiscal year (FY) 2001. For the quarter, the Company reported net earnings of $583,000 or $0.01 per share, as compared to a net loss of $1,950,000 or $0.05 per share, for the same period in FY 2000. The earnings for the quarter were principally due to increased sales and royalties earned on sales of the approved products, which utilize the Company`s PEG technology, and increased interest income resulting from capital raised during the Company`s public offering completed in FY 2000. The Company had total cash and interest-bearing investments of approximately $121.5 million as of September 30, 2000.

Sales and royalties earned on sales of the approved products, which utilize the Company`s PEG technology, for the quarter increased by approximately $2,077,000 or 72%, primarily due to increased ONCASPAR(R) sales. The increase in ONCASPAR sales was due to the lifting of some of the FDA distribution restrictions in place during the prior year`s first quarter. These distribution restrictions were related to a previously disclosed manufacturing problem and resulted in prior year sales being significantly lower. During October 2000, the FDA gave final approval to the Company`s manufacturing changes to correct these manufacturing problems and removed all previously imposed distribution and labeling restrictions. This will allow for the resumption of normal distribution and labeling of this product by the Company`s marketing partner, Aventis Pharmaceuticals (formerly Rhone-Poulenc Rorer Pharmaceuticals, Inc.), which is expected to take place in the first half of calendar 2001. Resumption of normal distribution and labeling will result in lower revenues in future quarters when Aventis resumes distribution of the product and the Company`s revenue stream reverts back to a 27.5% royalty rate on net sales. Increased ADAGEN sales, as well as royalties earned on sales of PEG-INTRON, also contributed to the increase in sales for the quarter. PEG-INTRON was approved by the European Union in May 2000 and was launched in several European countries throughout the quarter. Additional launches of PEG-INTRON are ongoing and expected to occur throughout the remaining EU-Member States in the upcoming months. To date, PEG-INTRON has been launched in the following European countries: Austria, Finland, France, Germany, Portugal, Sweden and the United Kingdom. PEG-INTRON is a modified form of Schering-Plough`s INTRON(R)A (interferon alfa-2b, recombinant) that was developed using Enzon`s PEG technology to have longer-acting properties. Under the Company`s licensing agreement with Schering-Plough, Enzon is entitled to royalties on worldwide sales of PEG-INTRON and milestone payments.

Cost of sales, as a percentage of sales, decreased to 20%, as compared to 41% for the comparable quarter of the previous year. The decrease was due to increased cost of sales incurred during the prior year`s quarter related to the previously disclosed ONCASPAR manufacturing problems and the related inventory reserves that decreased the current year`s cost of sales.

Research and development expenses for the quarter ended September 30, 2000 increased by 59% to $2,637,000, as compared to $1,657,000 for the quarter ended September 30, 1999. The increase is primarily due to increased expenses related to the ongoing Phase I clinical trials for PROTHECAN(TM), as well as other PEG products in preclinical development. The Company currently plans to file an IND on another PEG anti-cancer compound before the end of calendar 2000. Research and development expenses are expected to continue to increase significantly as PROTHECAN moves into Phase II clinical trials in early 2001 and additional compounds enter clinical trials.

Selling, general and administrative expenses for the quarter ended September 30, 2000 increased by 32% to $3,074,000, as compared to $2,326,000 for the prior year. This increase was primarily due to increased legal fees associated with patent filing and defense costs. During September 2000, Enzon filed a lawsuit in Federal District Court in New Jersey against Hoffmann-LaRoche, Inc. and Roche Laboratories, Inc. (Roche) for infringement of Enzon`s U.S. Patent 6,113,906 (`906). This patent, which has composition of matter claims directed to "branched PEG," a unique form of Enzon`s high-molecular-weight pegylation technology, was issued to Enzon by the U.S. Patent and Trademark Office on September 5, 2000. Enzon licenses a different pegylation technology to Schering-Plough for use with PEG-INTRON(TM) (peginterferon alfa-2b), which is approved in the European Union and is currently undergoing FDA review for the treatment of hepatitis C.

Quelle: Nasdaq.com

Konsens- und Flüsterschätzungen lagen bei 0,01$ Verlust.

Bye, Nummer2

[bionic2000]

Hallo

das klingt ja sehr gut. Ich hoffe, dass das dem Kurs noch einen ordentlichen Schub nach oben gibt nachdem er in der letzten Zeit ja schon ziemlich schnell angestiegen ist.

[Brucky]

Wie heisst doch gleich der Spruch:Sell on good news!

[mastermh]

Genau!

und Buy on BAD News!!

Was solls, wir können nicht jeden Tag steigen! Seit doch lieber froh, dass es ein Gewinn pro Aktien gibt, anstatt einem Verlust! Der Weg ist der Richtige!!

ciao mastermh