Immunex Net Income Falls 12% on Tax Hike

Drug maker Immunex Corp. said first-quarter net income fell 12%, despite a 31% rise in sales of its flagship arthritis treatment Enbrel, as its tax rate more than doubled.

The biotechnology company, which is being acquired by Amgen Inc. for about $16 billion in cash and stock, reported net income of $34.9 million, or 6 cents per share. Revenue rose 25% to $272 million.

The Seattle-based company’s shares fell 39 cents to $28.51 on Nasdaq.