<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1996
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM __________ TO __________
Commission File Number 0-12406
IMMUNEX CORPORATION
(exact name of registrant as specified in its charter)
WASHINGTON 51-0346580
------------------------------- ----------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
51 University Street, Seattle, WA 98101
(Address of principal executive offices)
Registrant's telephone number, including area code (206) 587-0430
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock, $.01 par value 39,602,225
----------------------------------- ----------------------------
Class Outstanding at August 6, 1996
<PAGE>
IMMUNEX CORPORATION
QUARTERLY REPORT ON FORM 10-Q
JUNE 30, 1996
TABLE OF CONTENTS
Page No.
--------
PART I. FINANCIAL INFORMATION 3
Item 1. Financial Statements:
a) Consolidated Balance Sheets -
June 30, 1996 and December 31, 1995 4
b) Consolidated Statements of Operations -
for the three-month periods ended June
30, 1996 and June 30, 1995 5
c) Consolidated Statements of Operations -
for the six-month periods ended June
30, 1996 and June 30, 1995 6
d) Consolidated Statements of Cash Flows -
for the six-month periods ended June
30, 1996 and June 30, 1995 7
e) Notes to Consolidated Financial
Statements 8-9
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 10-12
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 13
Item 4. Submission of Matters to a Vote of
Security Holders 13
Item 6. Exhibits and Reports on Form 8-K 13
SIGNATURES 14
2
<PAGE>
PART I. FINANCIAL INFORMATION
FORWARD-LOOKING STATEMENTS
This document includes certain forward-looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. The words "believes," "anticipates", "expects" and similar expressions
are intended to identify such forward-looking statements. Such statements
are subject to certain risks and uncertainties that could cause actual
results to differ materially from those anticipated by the statements made by
the Company. Factors which could affect the Company's financial results are
described in the preceding paragraphs and in the Company's latest Annual
Report on Form 10-K filed with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The Company undertakes
no obligation to publicly release the result of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
3
<PAGE>
Item 1. FINANCIAL STATEMENTS
IMMUNEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, December 31,
1996 1995
------------ ------------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 40,780 $ 20,437
Accounts receivable, net 25,684 20,697
Inventories 8,832 8,302
Other assets 3,776 979
------------ ------------
Total current assets 79,072 50,415
Property, plant and equipment, net 84,424 87,540
Investment 12,412 2,353
Other assets 32,313 33,729
------------ ------------
$208,221 $174,037
------------ ------------
------------ ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 18,139 $ 21,660
Accrued compensation and related items 4,710 8,397
Current portion of long-term debt 584 715
Other liabilities 817 2,013
------------ ------------
Total current liabilities 24,250 32,785
Long-term liabilities 4,426 4,609
Shareholders' equity:
Common stock, $.01 par value 620,321 592,470
Guaranty payment receivable from AHP (27,847) (45,288)
Unrealized gain on investments
available-for sale 10,060 --
Accumulated deficit (422,989) (410,539)
------------ ------------
Total shareholder's equity 179,545 136,643
------------ ------------
$208,221 $174,037
------------ ------------
------------ ------------
4
<PAGE>
Item I. FINANCIAL STATEMENTS (continued)
IMMUNEX CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three months Three months
ended ended
June 30, June 30,
1996 1995
------------ ------------
Revenues:
Product sales $35,277 $34,383
Royalty and contract revenue 6,339 4,836
------------ ------------
41,616 39,219
Operating expenses:
Cost of product sales 6,351 6,297
Research and development 25,338 20,592
Selling, general and administrative 16,747 14,621
------------ ------------
48,436 41,510
Operating loss (6,820) (2,291)
Other income (expense):
Interest income 675 354
Interest expense (96) (97)
Other income (expense), net 4 (503)
------------ ------------
583 (246)
------------ ------------
Loss before income taxes (6,237) (2,537)
Provision for income taxes 47 71
------------ ------------
Net loss $(6,284) $(2,608)
------------ ------------
------------ ------------
Net loss per common share $ (.16) $ (.07)
------------ ------------
------------ ------------
Number of shares used for per share amounts 39,602 39,602
------------ ------------
------------ ------------
5
<PAGE>
Item I. FINANCIAL STATEMENTS (continued)
IMMUNEX CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Six months Six months
ended ended
June 30, June 30,
1996 1995
------------ ------------
Revenues:
Product sales $67,298 $69,644
Royalty and contract revenue 16,069 8,482
------------ ------------
83,367 78,126
Operating expenses:
Cost of product sales 11,611 12,916
Research and development 50,308 41,265
Selling, general and administrative 34,735 29,530
------------ ------------
96,654 83,711
Operating loss (13,287) (5,585)
Other income (expense):
Interest income 1,089 521
Interest expense (152) (928)
Other income (expense), net 11 (495)
------------ ------------
948 (902)
------------ ------------
Loss before income taxes (12,339) (6,487)
Provision for income taxes 111 119
------------ ------------
Net loss $(12,450) $(6,606)
------------ ------------
------------ ------------
Net loss per common share $ (.31) $ (.17)
------------ ------------
------------ ------------
Number of shares used for per share amounts 39,602 39,578
------------ ------------
------------ ------------
6
<PAGE>
Item I. FINANCIAL STATEMENTS (continued)
IMMUNEX CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six months Six months
ended ended
June 30, June 30,
1996 1995
------------ ------------
Cash flows from operating activities:
Net loss $(12,450) $(6,606)
Adjustments to reconcile net
loss to net cash provided by
(used in) operating activities:
Depreciation and amortization 7,519 7,758
Accounts receivable (4,987) (4,321)
Inventories (530) 1,020
Accounts payable, accrued
compensation and other current
liabilities (8,250) 8,251
Other current assets (2,337) 2,415
------------ ------------
Net cash provided by (used in)
operating activities (21,035) 8,517
------------ ------------
Cash flows from investing activities:
Purchases of property, plant and equipment (2,940) (2,228)
Proceeds from sales and maturities of
securities available-for-sale -- 9,794
Other (661) (136)
------------ ------------
Net cash provided by (used in)
investing activities (3,601) 7,430
------------ ------------
Cash flows from financing activities:
Guaranty payments received from AHP 45,288 35,768
AHP line of credit -- (34,000)
Construction loan pay-off -- (10,600)
Other (309) (485)
------------ ------------
Net cash provided by (used in)
financing activities 44,979 (9,317)
------------ ------------
Net increase in cash and cash equivalents 20,343 6,630
Cash and cash equivalents, beginning
of period 20,437 14,818
------------ ------------
Cash and cash equivalents, end of period $40,780 $21,448
------------ ------------
------------ ------------
7
<PAGE>
NOTE 1. BASIS OF PRESENTATION
The consolidated financial statements included herein have been prepared by
Immunex Corporation without audit, according to the rules and regulations of
the Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been omitted pursuant to
such rules and regulations. The financial statements reflect, in the opinion
of management, all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position and results
of operations as of and for the periods indicated. The statements should be
read in conjunction with the financial statements and the notes thereto
included in the Company's Annual Report on Form 10-K for the year ended
December 31, 1995. The results of operations for the six-month period ended
June 30, 1996, are not necessarily indicative of results to be expected for
the entire year ending December 31, 1996.
NOTE 2. ACCOUNTING POLICIES
INVENTORIES
Inventories are stated at the lower of cost, using a weighted-average method, or
market. The components of inventories are as follows (in thousands):
June 30, December 31,
1996 1995
------------- -------------
Raw materials $1,567 $1,295
Work in process 4,909 3,947
Finished goods 2,356 3,060
------------- -------------
Totals $8,832 $8,302
INVESTMENT
The Company has an ownership interest in Targeted Genetics Corporation ("TGC"),
a biotechnology company engaged in developing human gene therapy products for
the treatment of acquired and inherited diseases. In June 1996, TGC completed
an offering of common stock and issued additional shares of common stock
pursuant to a merger. The issuance of the additional shares of stock reduced
Immunex's ownership interest from 21 percent to 13 percent. As a result of the
decrease in ownership percentage, Immunex was required to change from the equity
method of accounting for its investment in TGC to the provisions of Statement of
Financial Accounting Standards no. 115, "Accounting for Certain Investments in
Debt and Equity Securities." Accordingly, the Company's investment in TGC is
recorded at market value and the unrealized gain of $10.1 million is reflected
as a component of shareholders' equity on the Company's balance sheet.
8
<PAGE>
NOTE 3. CONTINGENT LIABILITIES
As previously noted in the Company's Form 10-Q for the quarter ended March 31,
1996, Immunex has been involved in litigation with Cistron Biotechnology, Inc.
("Cistron") concerning claims arising from Cistron's allegation that Immunex
misappropriated certain Cistron proprietary information regarding Interleukin-1
beta ("IL-1 beta") in 1984, and that such information was used by Immunex in
patent applications relating to IL-1 beta. All litigation has been consolidated
in the U.S. District Court in Seattle. The causes of action pending in
Cistron's most recently amended complaints, which have been filed against
Immunex and against two founders, who are former officers and directors of
Immunex, include misappropriation of trade secrets, unfair competition, breach
of contract, and breach of a confidential relationship. As indicated below,
other claims by Cistron, including fraud, alleged violations of The Racketeer
Influenced and Corrupt Organizations ("RICO") Act, conversion, and a demand that
scientists associated with Cistron be named co-inventors of an Immunex patent,
have been dismissed by the court upon motions for summary judgment. In its
counterclaims, Immunex seeks declaratory judgment that it did not misappropriate
any trade secrets of Cistron, and seeks entry of an order enjoining Cistron from
engaging in unfair competition by claiming rights in Immunex's patents or patent
applications. A declaratory judgment action by Immunex that involved an IL-1
beta patent controlled by Cistron was dismissed, after Cistron filed
declarations agreeing not to sue Immunex for infringement of the patent. In the
pending litigation, Cistron seeks recovery of actual, punitive and exemplary
damages, as well as costs and attorney's fees.
Immunex believes that Cistron possessed no enforceable trade secret rights in
IL-1 beta, since it disclosed such information in a written manuscript and in
public presentations without restriction. Immunex also believes that Cistron's
claims are barred by the statute of limitations, since Cistron's suit was
brought many years after Cistron had notice of potential claims. In October
1995, Immunex filed motions for summary judgment seeking a ruling that Cistron
lost any trade secret protection in 1984, that Cistron's conversion claim was
preempted, and that all of Cistron's claims should be dismissed for statute of
limitations or laches reasons. Immunex's motion to dismiss the conversion claim
was granted in January 1996, but the motions concerning the trade secret and
statute of limitations issues were denied in order to permit evidence to be
considered on these issues by a jury at trial. Denial of these pre-trial
motions on the trade secret and statute of limitations does not prevent Immunex
from obtaining a judgment in its favor on these issues at a trial or on appeal.
In February 1996, defendants filed a motion for summary judgment seeking a
ruling that Cistron may not rely upon a theory of damages based upon a claim to
a percentage of Immunex's total market capitalization. Cistron advanced this
theory to support claims to significant damages, since damages calculations
based upon lost profits, or royalties based upon actual sales, are not likely to
be material. IL-1 beta is not a commercially successful product and Immunex
incurred significant expenses in trying to develop IL-1 beta. At the same time,
the defendants sought summary judgment dismissing Cistron's RICO, fraud and co-
inventorship claims. On April 10, 1996, the court issued an order granting, in
whole or in part, each of the motions filed by Immunex. The result is that
Cistron's RICO, fraud and co-inventorship claims have been dismissed and that
Cistron cannot rely upon a theory of damages based upon market capitalization.
Immunex has and intends to vigorously and completely defend itself from the
claims presented by Cistron. Cistron has requested a jury trial, which is
scheduled to begin on September 24, 1996. Due to the uncertainties inherent in
all litigation, there can be no assurance regarding the outcome of trial.
However, Immunex has the right to appeal any material unfavorable verdict.
Based upon the available information, management of the Company does not expect
the litigation to have a material adverse impact on the financial condition or
results of operations of the Company
9
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
OVERVIEW
For the three and six months ended June 30, 1996, the Company incurred net
losses of $6.3 million and $12.5 million, respectively, versus net losses of
$2.6 million and $6.6 million in the comparable 1995 periods. The increase in
the net losses for the 1996 periods reflects increased operating expenses
related to the Company's investment in research and development activities and
increased selling, marketing and legal expenses. In addition, during the first
three months of 1996, the Company incurred expenses totaling approximately $1.5
million as a result of the November 1995 offer by American Home Products
Corporation ("AHP") to acquire the remaining shares of the Company which it does
not already own. The increase in expenses was partially offset by increased
revenues during the June 30, 1996 three and six-month periods.
REVENUES
Product sales totaled $35.3 million and $67.3 million during the three and
six months ended June 30, 1996, respectively, compared to $34.4 million and
$69.6 million during the same periods in 1995. For the three and six months
ended June 30, 1996, sales of LEUKINE-Registered Trademark- (sargramostim)
totaled $13.1 million and $23.8 million, respectively, an increase of $3.9
million and $3.5 million versus the comparable 1995 periods. Much of the
increase is attributable to increased purchases by distributors in response to
discounts offered on initial purchases of a new five-vial LEUKINE package
configuration, launched in June 1996. In addition, the improvement against the
comparable periods reflects a low level of LEUKINE sales during the second
quarter of 1995. Sales of LEUKINE during the second quarter of 1995 declined to
$9.2 million due to what is believed to be certain distribution programs
initiated by a competitor during the period.
Sales of NOVANTRONE-Registered Trademark- (mitoxantrone) declined during
the June 30, 1996 six-month period, totaling $17.8 million, compared to $20.5
million for the same period in 1995. NOVANTRONE sales volume declined in the
first quarter of 1996, as a result of increased purchases by wholesalers prior
to a January 1996 price increase. Sales levels subsequently returned to normal
levels, totaling $9.9 million in each of the three-month periods ended June 30,
1996 and 1995. Sales of leucovorin calcium have also decreased during 1996,
reflecting increased generic competition. The decline was mitigated by bulk
sales to a single customer during both the first and second quarters of 1996.
For the three and six months ended June 30, 1996, royalty and contract
revenue increased to $6.3 million and $16.1 million, respectively, from $4.8
million and $8.5 million in the comparable 1995 periods. During the first
quarter of 1996, the Company entered into two license agreements under which
license fee income of $4.5 million was recognized. In addition, the Company
is receiving quarterly payments of $1.0 million as a result of an agreement
entered into with AHP in December 1995 whereby AHP was licensed exclusive
worldwide rights to tumor necrosis factor alpha converting enzymes
technology. In July 1996, the Company and AHP revised the agreement related
to development of tumor necrosis factor receptor ("TNFR"). Under the new
agreement, Immunex and AHP agreed to share, on an equal basis, the costs of
developing TNFR in North America and Europe. Under the previous agreement,
AHP was contributing $1.0 million per quarter through 1997 to support
development of TNFR. As a result of the revised agreement, these payments
will cease, effective July 1, 1996.
OPERATING EXPENSES
Cost of product sales was $6.4 million, or 18.0% of product sales and $6.3
million, or 18.3% of product sales for the quarters ended June 30, 1996 and
1995, respectively. For the six months ended June 30, 1996 and 1995, cost of
product sales was $11.6 million, or 17.3% of product sales and $12.9 million, or
18.5% of product sales, respectively. The decrease in the cost of sales
percentage during both the 1996 three and six month periods is due primarily to
the cost of the bulk sales of leucovorin, discussed above, and a decrease in
period manufacturing costs charged to cost of product sold during the current
year. The launch of THIOPLEX-Registered Trademark- (thiotepa for injection),
also contributed to the decrease in the cost of sales percentage for the
comparable six month periods. THIOPLEX, which replaced thiotepa during the
first quarter of 1995, has a lower production cost than thiotepa. These
favorable developments were partially offset by a change in the product mix to
include a relatively higher percentage of LEUKINE sales in the 1996 three and
six month periods. LEUKINE has a higher cost than the Company's other
pharmaceutical products, taken as a whole. Cost of product sales, as a
percentage of product sales, will fluctuate moderately from period to period,
reflecting any change in the mix of product sales. Significant fluctuations are
not expected to occur unless the mix of product sales changes substantially or
if substantial period costs are incurred.
10
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS continued
Research and development expense increased to $25.3 million from $20.6
million and to $50.3 million from $41.3 million for the three and six-month
periods ended June 30, 1996 and 1995, respectively. Expenses incurred under an
agreement to fund a portion of AHP's oncology research and development programs
increased during the first six months of 1996 to $13.0 million, or $6.5 million
per quarter, compared to $8.0 million during the first six months of 1995, or
$4.0 million per quarter. In addition, costs to support the Company's products
in clinical testing have increased. The Company initiated Phase III studies of
TNFR during the second quarter of 1996 and has scaled up production of TNFR to
meet its clinical requirements as well as the estimated requirements of AHP for
clinical studies in Europe. During the second quarter of 1996, the Company
filed an investigational new drug application for FLT-3 Ligand with the Food and
Drug Administration ("FDA") and is expected to begin Phase I clinical testing in
the near future. LEUKINE clinical expenditures have also increased during 1996,
reflecting costs associated with investigational studies for use of LEUKINE in a
variety of clinical indications. Obligations under other collaborative funding
agreements increased to $1.1 million and $2.6 million for the three and six
months ended June 30, 1996, respectively, versus $0.6 million and $1.5 million
during the comparable 1995 periods.
In July 1996, Immunex and AHP amended their agreements related to research
and development of new oncology products and development of TNFR. Under the
terms of the superseded research and development agreement, the Company was
obligated to contribute $26.1 million in 1996, up to $38.3 million in 1997 and
50% of AHP's oncology research and development expenses thereafter. Under the
revised agreement, Immunex will be funding 50% of AHP's oncology discovery
research expenditures, up to a maximum amount of $16 million per year (adjusted
annually for inflation after 1996) and has the option to elect which products it
will continue to support during clinical testing. If Immunex elects to retain
its North American product rights to any clinical products emerging from AHP's
oncology discovery programs, Immunex will fund 50% of the development costs. As
noted above, Immunex and AHP have also agreed to equally share the costs of
developing TNFR in North America and Europe. As a result of these agreements,
which became effective July 1, 1996, Immunex's funding of AHP's oncology
research program will decrease from $13.0 million to $8.0 million over the last
six months of 1996 and from $38.3 million to approximately $16.0 million in
1997. The sharing of TNFR development costs with AHP will also result in
expense savings from previously anticipated levels.
Selling, general and administrative expense totaled $16.7 million and $34.7
million for the three and six months ended June 30, 1996, respectively, an
increase of $2.1 million and $5.2 million from the comparable periods in 1995.
The expense level for the 1996 six month period includes costs totaling
approximately $1.5 million related to the adoption of certain employee retention
programs, investment banking, legal and other fees following AHP's November 1995
offer to buy all outstanding shares of the Company's common stock. The offer
was subsequently rejected by a special committee of Immunex's board of
directors. The increase in expense levels for both the three and six months
ended June 30, 1996 is due primarily to expenditures to support increased
selling and marketing activities related to the Company's existing product line.
In addition, legal defense costs associated with litigation between the Company
and Cistron Biotechnology, Inc. have increased and the Company has expanded its
investment in information technologies by increasing staffing levels in this
area.
11
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS continued
OTHER INCOME (EXPENSE)
Other income (expense) improved during the six months ended June 30, 1996,
totaling a net other income amount of $0.9 million, compared to a net other
expense of $0.9 million during the six months ended June 30, 1995. The
improvement reflects increased interest income combined with decreased interest
expense during 1996. Following the receipt of $35.8 million from AHP in March
1995, as settlement of the 1994 revenue shortfall obligation, the Company paid
the $34.0 million outstanding balance on its loan with AHP and made the final
$10.6 million payment on its construction loan. Other income (expense) during
the 1995 period includes losses from the Company's equity investment in Targeted
Genetics Corporation ("TGC"). In June 1996, TGC completed an offering of common
stock and issued additional shares of common stock pursuant to a merger. The
dilution of Immunex's ownership percentage resulted in a change in accounting
for its investment in TGC and as a result, the Company is no longer required to
recognize its share of TGC's losses.
LIQUIDITY AND CAPITAL RESOURCES
Cash and cash equivalents totaled $40.8 million and $20.4 million at June
30, 1996 and December 31, 1995, respectively. During the six months ended June
30, 1996, the Company utilized its cash reserves to fund operating activities
and investments in property, plant and equipment. Operating activities used
cash of $21.0 million for the first six months of 1996, reflecting an increase
in the net loss, payments on outstanding liabilities and a prepayment under the
AHP research agreement during the current year. Investments in property, plant
and equipment utilized an additional $2.9 million. In March 1996, the Company
received $45.3 million from AHP as settlement of the 1995 revenue shortfall
obligation. The Company expects to receive an additional $56 million and $60
million under this agreement in 1997 and 1998, respectively.
Cash used in operating activities is not expected to continue at the rate
incurred during the first half of 1996, due primarily to decreased working
capital funding requirements. Existing cash reserves are expected to be
sufficient to support the Company's planned capital expenditures and to the
extent required, operating activities, for the remainder of 1996.
12
<PAGE>
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
See Notes to the Consolidated Financial Statements for a description of the
litigation between Immunex and Cistron Biotechnology, Inc.
The description of additional legal proceedings is incorporated by reference to
Item 3 of the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 1995.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS
An annual meeting of the Company's Shareholders ("Shareholders") was held on
Thursday, April 25, 1996 ("Annual Meeting"). Of the 39,601,899 shares
outstanding as of the record date, March 13, 1996, there were 37,026,425 shares
or 93.5% of the total shares eligible to vote represented in person or proxy.
One matter was submitted to a vote of shareholders at the Annual Meeting. Nine
directors were elected to serve for a term of one year or until their successors
are elected and qualify, as follows:
For Withheld
-------------- --------------
Edward V. Fritzky 36,562,391 464,034
Michael L. Kranda 36,559,281 467,144
Joseph J. Carr 36,798,326 228,099
Kirby L. Cramer 36,607,366 419,059
Robert A. Essner 36,828,556 227,869
Richard L. Jackson 36,802,006 224,419
John E. Lyons 36,605,856 420,569
Edith W. Martin 36,606,411 420,014
Douglas E. Williams 36,569,107 457,318
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS
None
(b) REPORTS ON FORM 8-K
None
13
<PAGE>
PART II. OTHER INFORMATION
SIGNATURES
Pursuant to requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
IMMUNEX CORPORATION
Date: August 8, 1996 /s/ Edward V. Fritzky
-------------------- -----------------------------------------------
Edward V. Fritzky, Chairman
and Chief Executive Officer
(Principal Executive Officer)
Date: August 7, 1996 /s/ Douglas G. Southern
-------------------- -----------------------------------------------
Douglas G. Southern, Senior Vice President
and Chief Financial Officer
(Principal Financial and Accounting Officer)
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from the
consolidated balance sheet as of June 30, 1996, and the consolidated statement
of operations for the six-month period ended June 30, 1996, and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 40,780
<SECURITIES> 0
<RECEIVABLES> 22,286
<ALLOWANCES> 473
<INVENTORY> 8,832
<CURRENT-ASSETS> 79,072
<PP&E> 116,352
<DEPRECIATION> 31,928
<TOTAL-ASSETS> 208,221
<CURRENT-LIABILITIES> 24,250
<BONDS> 0
620,321
0
<COMMON> 0
<OTHER-SE> (440,776)
<TOTAL-LIABILITY-AND-EQUITY> 208,221
<SALES> 35,277
<TOTAL-REVENUES> 41,616
<CGS> 6,351
<TOTAL-COSTS> 48,436
<OTHER-EXPENSES> 4
<LOSS-PROVISION> 88
<INTEREST-EXPENSE> 96
<INCOME-PRETAX> (6,237)
<INCOME-TAX> 47
<INCOME-CONTINUING> (6,284)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,284)
<EPS-PRIMARY> (.16)
<EPS-DILUTED> (.16)
</TABLE>
