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AMGEN NEUPOGEN SALES REACH $ 52.9 MIL. IN FIRST MONTH OF MARKETING

Executive Summary

AMGEN NEUPOGEN SALES REACH $ 52.9 MIL. IN FIRST MONTH OF MARKETING, according to the company's sales and earning results for the fiscal year ended March 31 and reported on May 1. The granulocyte-colony stimulating factor (G-CSF) was approved on Feb. 21 for the reduction of febrile neutropenia in patients receiving myelosuppressive chemotherapy. Amgen has not determined what proportion of the approximately 200,000 to 400,000 patients have received the therapy. One 10-to- 14 day course of Neupogen treatment costs about $ 1,100-$ 1,500 based on a dose of one vial per day at a direct to wholesaler price of $ 108 per vial. However, many chemotherapy regimens are based on six-cycles of treatment. By comparison, sales in the first month of marketing for Immunex' Leukine (GM-CSF) were about $ 3 mil. Leukine, the company's first therapeutic, was approved on March 5 for acceleration of myeloid recovery following autologous bone marrow transplants for certain lymphomas and leukemias. Immunex shares the market with Hoechst-Roussel. In the company's end-of-the-year earnings statement, released April 25, Immunex Chairman Stephan Duzan said tha Leukine product sales "have exceeded the company's expectations." The company reported product sales of $ 4.2 mil. for the year just ended as compared to $ 1.3 mil. last year. Amgen's Epogen sales for FY 1991 were equally impressive at $ 304.2 mil. Company total revenues for the quarter were $ 139.5 mil. and were $ 381.3 mil. for the year, up 100.3%. Product sales were $ 133.6 mil. for the quarter and $ 361.4 mil. for the year. Net income was $ 36.9 mil. for the three months period and $ 34.3 mil. in FY 1991. In the May 1 release, Amgen Chairman Gordon Binder noted that "the first shipments of Neupogen were delivered within two business days of FDA approval [and that] ensuring patient access to Amgen products is a company-wide priority." To enhance its ability to deliver product to wholesalers and specialty distributors, Amgen is building a distribution center near Louisville, Ky. While the actual site has not been confirmed, the distribution center will be about 80,000 square feet in area and employ a staff of 25 to 30. Amgen said it hopes to break ground in the late summer or early fall and complete the project by the fall of 1992 at an estimated cost of $ 15 mil. The site close to Louisville was selected for the distribution center, Amgen said, because it allows the company to provide overnight service to its customers, about 41% of which are located within 500 miles of the city.
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