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news.ImClone Systems has revealed strong financial performance for the second quarter of 2006 driven by the increasing uptake of its anticancer drug Erbitux.
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The company reported net income for the second quarter of 2006 of $37.2 million compared with $26 million in the second quarter of last year.
Diluted earnings per share were $0.42 in the second quarter of 2006 compared with $0.30 in the second quarter of 2005.
ImClone received royalty revenue of $74.6 million in the second quarter of 2006 compared with $41.8 million in the second quarter of 2005, an increase of 79%. This increase in royalty revenue was driven primarily by the company’s 39% share of Bristol-Myers Squibb’s sales of Erbitux.
Erbitux, which is marketed outside North America by Merck KGaA, competes in the metastatic colorectal cancer market with Genentech’s Avastin.