ImClone's 2nd-qtr 2006 profit up 62% on Erbitux

USA-based ImClone Systems says that its total revenues for the second quarter of 2006 were $149.9 million, a 62% jump on the comparable period last year, due to strong sales of its anticancer drug Erbitux (cetuximab).

Net income for the period beat Wall Street expectations, as the biotechnology firm saw a 43% profit surge to $37.2 million, with diluted earnings per share totaling $0.42.

Royalty revenue sky-rocketed 79% to $74.6 million, which includes 39% of Bristol-Myers Squibb's in-market Erbitux net sales of $172.8 million, which saw a 77% improvement on the comparable year-ago period, reflecting a drop-ship distribution methodology, with Erbitux shipments to end-user accounts only, allowing for no wholesaler stocking.