-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QGFLOk0Wj6KkxJoo4Q1KyN+iQT1Ysmu/K27q6h/uMAHVHRbjLD7j60G/H0DBMiAF 7qo+C4DYKz824Xohh9UlBg== 0001012870-97-002504.txt : 19971222 0001012870-97-002504.hdr.sgml : 19971222 ACCESSION NUMBER: 0001012870-97-002504 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19971219 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMMUNEX CORP /DE/ CENTRAL INDEX KEY: 0000719529 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 510346580 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-12406 FILM NUMBER: 97741331 BUSINESS ADDRESS: STREET 1: 51 UNIVERSITY ST CITY: SEATTLE STATE: WA ZIP: 98101 BUSINESS PHONE: 2065870430 MAIL ADDRESS: STREET 1: 51 UNIVERSITY STREET CITY: SEATLE STATE: WA ZIP: 98101 11-K 1 FORM 11-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K (Mark One) (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1996 OR ( ) 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 PROFIT SHARING 401(k) PLAN AND TRUST (FULL TITLE OF THE PLAN) IMMUNEX CORPORATION (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) 51 UNIVERSITY STREET SEATTLE, WA 98101 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) Immunex Corporation Profit Sharing 401(k) Plan and Trust Financial Statements and Supplemental Schedules December 31, 1996, 1995, and 1994 CONTENTS
Report of Ernst & Young LLP, Independent Auditors............ 1 Audited Financial Statements Statements of Assets Available for Benefits.................. 2 Statements of Changes in Assets Available for Benefits....... 3 Notes to Financial Statements................................ 4 Supplemental Schedules Line 27a Schedule of Assets Held for Investment Purposes.... 18 Line 27d Schedule of Reportable Transactions................ 19
Report of Ernst & Young LLP, Independent Auditors The Administrative Committee Immunex Corporation Profit Sharing 401(k) Plan and Trust We have audited the accompanying statements of assets available for benefits as of December 31, 1996 and 1995, and the related statement of changes in assets available for benefits for each of the three years in the period ended December 31, 1996. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, assets available for the benefits of the Plan at December 31, 1996 and 1995, and the changes in its net assets available for benefits for each of the three years in the period then ended, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment purposes as of December 31, 1996 and of reportable transactions for the year then ended are presented for the purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the financial statements for the year ended DecemberE31, 1996, and, in our opinion, are fairly stated in all material respects in relation to the 1996 financial statements taken as a whole. The information in the schedule of assets held for investment and certified by Charles Schwab does not disclose the historical cost of investments. Also, the information presented in the schedule of reportable transactions and certified by BNY Western Trust Company and Charles Schwab uses revalued cost to calculate gains and losses on investment sales instead of using historical costs. Disclosure of historical cost information is required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. November 21, 1997 Seattle, Washington 1 Immunex Corporation Profit Sharing 401(k) Plan and Trust Statements of Assets Available for Benefits
DECEMBER 31 1996 1995 ---------------------------------------- Assets Investments, at fair value (Note 3): Cash and cash equivalents $ 554,457 $ 123,553 Mutual funds 30,137,388 18,675,812 Common stock - 1,868,234 Common stock Immunex Corporation 141,082 - Certificates of annuity - 89,445 Corporate debt - 1,959,642 Government debt - 99,930 Participant loans 542,163 454,543 ---------------------------------------- Total investments 31,375,090 23,271,159 Receivables: Employee contributions 101,595 197,947 Employer contributions 32,824 76,306 Accrued income on investments 1,050 46,435 ---------------------------------------- Assets available for benefits $31,510,559 $23,591,847 ========================================
See accompanying notes. 2 Immunex Corporation Profit Sharing 401(k) Plan and Trust Statements of Changes in Assets Available for Benefits
Year Ended December 31 1996 1995 1994 ------------------------------------------------------------ Additions Investment income: Interest $ 164,375 $ 194,563 $ 190,796 Dividends 1,506,556 978,729 161,563 Net realized and unrealized appreciation (depreciation) 3,091,966 4,123,905 (407,856) ------------------------------------------------------------ Total investment income (loss) 4,762,897 5,297,197 (55,497) Contributions: Employer 1,647,685 1,380,346 1,404,050 Participants 3,652,373 3,012,402 2,934,182 Rollover 439,870 196,401 197,986 ------------------------------------------------------------ Total contributions 5,739,928 4,589,149 4,536,218 ------------------------------------------------------------ Total additions 10,502,825 9,886,346 4,480,721 DEDUCTIONS Benefits paid to participants 2,565,482 1,842,981 606,687 Administrative expenses 18,631 29,769 30,896 ------------------------------------------------------------ Total deductions 2,584,113 1,872,750 637,583 ------------------------------------------------------------ Net increase in assets available for benefits 7,918,712 8,013,596 3,843,138 Assets available for benefits: Beginning of year 23,591,847 15,578,251 11,735,113 ------------------------------------------------------------ End of year $31,510,559 $23,591,847 $15,578,251 ============================================================
See accompanying notes. 3 Immunex Corporation Profit Sharing 401(k) Plan and Trust Notes to Financial Statements December 31, 1996 1. Description of the Plan The following description of the Immunex Corporation Profit Sharing 401(k) Plan and Trust (the Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. GENERAL The Plan was established on January 1, 1987 to encourage long-term savings by employees and to supplement retirement income. The Plan is a defined contribution profit-sharing plan. All full-time, salaried employees of the Company and its wholly owned subsidiaries are eligible to enroll in the Plan on January 1 and July 1 following the date of hire. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets in the statement of assets available for benefits and the additions and deductions in the statement of changes in assets available for benefits, as well as the amounts disclosed in the financial statement footnotes. Actual results could differ from those estimates. CONTRIBUTIONS Participants may contribute from 1% to 15% of their compensation, tax-deferred, through payroll deductions to the Plan, up to the calendar year limit imposed by the Internal Revenue Service. Participants may also contribute to the Plan amounts previously contributed to another qualified plan. The Company matches 100% on the first 2% of deferrals and 50% on the next 4% of deferrals for employees with under five years of service. Employees with five or more years of service receive a Company match of 100% on the first 2% of deferrals and 75% on the next 4% of deferrals. Additional amounts may be contributed at the option of the Company's Board of Directors, but they shall not exceed the maximum amount allowable to be taken as a tax deduction by the Company. 4 Immunex Corporation Profit Sharing 401(k) Plan and Trust Notes to Financial Statements (continued) 1. DESCRIPTION OF THE PLAN (CONTINUED) PARTICIPANT ACCOUNTS Each participant's account is credited with the participant's contribution, the matching employer contribution, and an allocation of Plan earnings and is charged with an allocation of administrative expenses Allocations are based on participant account balances, as defined in the Plan document. VESTING Participant contributions and actual earnings thereon are 100% vested immediately. Employer contributions vest at the rate of 20% per year of service commencing with the first year of service. PAYMENT OF BENEFITS Distributions to terminated participants for vested account balances are made in cash as soon as practicable after termination. Participants are eligible for distribution of 100% of their vested account balance, including both participant and employer contributions, as soon as practicable after their normal or postponed retirement date, at death, or at total disability, as defined by the Plan document. The nonvested portion of account balances is subject to forfeiture. Forfeitures are used to reduce employer contributions to the Plan for the next Plan year. At December 31, 1996 and 1995, $15,875 and $13,469, respectively, of nonvested Company matching contributions were netted against the contribution receivable to be received from the Company. HARDSHIP WITHDRAWALS Hardship withdrawals are permitted by the Plan in accordance with Section 401(k) of the Internal Revenue Code (IRC) with the approval of the Plan administrator. PARTICIPANT LOANS Participants may borrow from the Plan, up to 50% of their vested account balance, as limited by Section 72(P)(2) of the IRC. Such loans are secured by their account balances. Loans terms range from eight months to ten years. Interest is accrued at the prime rate of interest plus two percentage points. 5 Immunex Corporation Profit Sharing 401(k) Plan and Trust Notes to Financial Statements (continued) 1. DESCRIPTION OF THE PLAN (CONTINUED) ADMINISTRATIVE EXPENSES Certain administrative expenses of the Plan are paid by the Company. Administrative expenses paid by the Company on behalf of the Plan for the years ended December 31, 1996, 1995, and 1994 were $88,172, $38,383, and $69,643, respectively. PLAN TERMINATION Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts, including the portion related to employer contributions and earnings thereon. 2. DESCRIPTION OF INVESTMENTS Investments are stated at quoted market value. Purchases and sales of investments are recorded on the trade dates with realized gains and losses based on the average cost of the investments. Cash equivalents consist of highly liquid, short-term investments with purchased maturity dates of less than three months. Participants may invest in one or more of the following funds: Schwab Institutional Advantage Money Market Fund The Schwab Institutional Advantage Money Market Fund consists primarily of bank certificates of deposit; commercial paper rated in the top two rating categories by any nationally recognized statistical rating organization; obligations of, or guaranteed by, the U.S. or Canadian governments, their agencies or instrumentalities; and repurchase agreements involving obligations that are suitable for investment under the preceding categories. The primary objective of this fund is maximum current income consistent with liquidity and stability of capital. Fidelity Growth and Income Fund The Growth and Income Fund consists of a portfolio of high-yield securities. Investments primarily consist of equity securities; however, they may also include any combination of common stock, preferred stock, and fixed-income securities. 6 Immunex Corporation Profit Sharing 401(k) Plan and Trust Notes to Financial Statements (continued) 2. DESCRIPTION OF INVESTMENTS (CONTINUED) PIMCO Total Return Fund - The PIMCO Total Return Fund consists primarily of debt securities, including U.S. Government securities, corporate bonds, and mortgage- related securities, but may also include securities denominated in foreign currencies. The primary objective of this fund is to seek total return consistent with preservation of capital. Dodge and Cox Balanced Fund - The Dodge and Cox Balanced Fund consists primarily of common stocks and convertible securities but may also include investment- grade, fixed-income securities. The primary objective of this fund is to seek income, conservation of principal, and long-term growth of principal and income. Crabbe Huson Core Equity Fund - The Crabbe Huson Core Equity Fund consists of a portfolio of common stocks that are widely and actively traded and foreign securities. The primary objective of this fund is to seek long-term capital appreciation and the preservation of capital. Rainier Small/Mid Capital Equity Fund - The Rainier Small/Mid Capital Equity Fund consists primarily of equities issued by companies with market capitalizations between $50 million and $5 billion. The primary objective of this fund is to seek long-term capital appreciation. EuroPacific Growth Fund - The EuroPacific Growth Fund consists primarily of equity securities of issuers domiciled in Europe or the Pacific Basin. The primary objective of this fund is to seek long-term growth of capital. Immunex Corporation Common Stock Fund - The Immunex Corporation Common Stock Fund invests primarily in the common stock of Immunex Corporation. It is an equity investment alternative with a growth objective which allows the participant to invest in and own common stock of Immunex Corporation. Participant loans - Participant loans consist of the principal balance of loans outstanding to the Plan participants. 7 Immunex Corporation Profit Sharing 401(k) Plan and Trust Notes to Financial Statements (continued) 3. INVESTMENTS The fair value of investments that represent 5% or more of the Plan's assets available for benefits at December 31 are as follows:
1996 1995 ----------------------------------------- Dodge & Cox Balanced Fund $ 2,529,578 $ - Crabbe Huson Core Equity Fund 4,165,279 - Rainier Small/Mid Cap Equity Fund 6,575,910 - EuroPacific Growth Fund 3,022,015 - Fidelity Growth and Income Fund 13,643,757 12,888,169 Janus Fund - 3,788,752 Invesco Strategic Health Sciences Fund - 1,998,891
During the years ended December 31, 1996, 1995, and 1994, the Plan's investments (including investments bought and sold, as well as held, during the year) appreciated (depreciated) in fair value as follows:
NET APPRECIATION (DEPRECIATION) FAIR VALUE DURING THE FAIR VALUE YEAR AT YEAR END DECEMBER 31, 1996 ---------------------------------------- - ----------------- Investments at fair value as determined by quoted market price: Cash and cash equivalents $ - $ 554,457 Mutual funds 3,050,698 30,137,388 Common stock Immunex Corporation 41,268 141,082 -------------------------------------- 3,091,966 30,832,927 Investments at estimated fair value participant loans - 542,163 -------------------------------------- $3,091,966 $31,375,090 ======================================
8 Immunex Corporation Profit Sharing 401(k) Plan and Trust Notes to Financial Statements (continued) 3. INVESTMENTS (CONTINUED)
NET APPRECIATION (DEPRECIATION)FAIR VALUE DURING THE FAIR VALUE DECEMBER 31, 1995 YEAR AT YEAR END - ----------------- -------------------------------------- Investments at fair value as determined by quoted market price: Cash and cash equivalents $ 5,560 $ 123,553 Certificates of annuity 4,472 89,445 Mutual funds 3,602,433 18,675,812 Common stock 302,943 1,868,234 Corporate debt 192,241 1,959,642 Government debt 16,256 99,930 -------------------------------------- 4,123,905 22,816,616 Investments at estimated fair value participant loans - 454,543 -------------------------------------- $4,123,905 $23,271,159 ====================================== DECEMBER 31, 1994 - ----------------- Investments at fair value as determined by quoted market price: Cash and cash equivalents $ 22,240 $ 494,254 Certificates of annuity 4,258 85,152 Mutual funds (50,083) 10,990,705 Common stock (194,908) 1,595,564 Corporate debt (177,384) 1,853,855 Government debt (11,979) 97,375 -------------------------------------- (407,856) 15,116,905 Investments at estimated fair value participant loans - 296,937 -------------------------------------- $ (407,856) $15,413,842 ======================================
9 Immunex Corporation Profit Sharing 401(k) Plan and Trust Notes to Financial Statements (continued) 4. WITHDRAWALS PAYABLE Certain former participants elected to withdraw from the Plan prior to December 31, 1996 and 1995; however, they did not receive their benefits until subsequent to each respective Plan year. Assets held in these former participant's accounts are included in Plan assets and totaled $228,326 and $511,111 at December 31, 1996 and 1995, respectively. These amounts are properly shown as a liability on Form 5500 and represent adjustments to the benefits paid to participants. 10 Immunex Corporation Profit Sharing 401(k) Plan and Trust Notes to Consolidated Financial Statements (continued) 5. ASSETS AVAILABLE FOR BENEFITS BY FUND Assets available for benefits by fund are as follows:
SCHWAB CRABBE RAINIER INST. ADV. FIDELITY PIMCO DODGE & HUSON SMALL/MID SCHWAB MONEY GROWTH AND TOTAL COX CORE CAPITAL DECEMBER 31, 1996 CASH MARKET INCOME RETURN BALANCED EQUITY EQUITY ---------------------------------------------------------------------------------------------- Assets Investments at market value: Cash and cash equivalents $ 28,052 $526,396 $ - $ - $ - $ - $ - Mutual funds - - 13,643,757 200,849 2,529,578 4,165,279 6,575,910 Common stock - Immunex - - - - - - - Corporation - - - - - - - Participant loans - - - - - - - ------------------------------------------------------------------------------------------- Total investments 28,052 526,396 13,643,757 200,849 2,529,578 4,165,279 6,575,910 Receivables: Employee contributions - 282 37,648 1,686 7,199 16,357 27,063 Employer contributions (11,841) 687 14,476 799 1,313 6,619 14,061 Accrued income on investments - - - 1,050 - - - ------------------------------------------------------------------------------------------- Assets available for benefits $ 16,211 $527,365 $13,695,881 $204,384 $2,538,090 $4,188,255 $6,617,034 =========================================================================================== IMMUNEX EUROPACIFIC COMMON PARTICIPANT DECEMBER 31, 1996 GROWTH STOCK LOANS TOTAL --------------------------------------------------------------- Assets Investments at market value: Cash and cash equivalents $ - $ 9 $ - $ 554,457 Mutual funds 3,022,015 - - 30,137,388 Common stock - Immunex - Corporation - 141,082 - 141,082 Participant loans - - 542,163 542,163 --------------------------------------------------------------- Total investments 3,022,015 141,091 542,163 31,375,090 Receivables: Employee contributions 17,456 1,757 (7,853) 101,595 Employer contributions 6,006 704 - 32,824 Accrued income on investments - - - 1,050 --------------------------------------------------------------- Assets available for benefits $ 3,045,477 $ 143,552 $ 534,310 $ 31,510,559 ===============================================================
11 IMMUNEX CORPORATION PROFIT SHARING 401(k) PLAN AND TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 5. ASSETS AVAILABLE FOR BENEFITS BY FUND (CONTINUED)
INVESCO STRATEGIC FIDELITY HEALTH GROWTH AND BALANCED PRINCIPAL PARTICIPANT DECEMBER 31, 1995 SCIENCES INCOME JANUS PORTFOLIO PRESERVATION LOANS TOTAL ---------------------------------------------------------------------------------------------- Assets Investments at market value: Cash and cash equivalents $ 1,429 $ 7,079 $ 2,494 $ 85,794 $ 26,757 $ - $ 123,553 Certificates of annuity - - - - 89,445 - 89,445 Mutual funds 1,998,891 12,888,169 3,788,752 - - - 18,675,812 Corporate stock-common - - - 1,868,234 - - 1,868,234 Corporate debt-long-term - - - 1,070,443 889,199 - 1,959,642 Government debt - - - 99,930 - - 99,930 Participant loans - - - - - 454,543 454,543 ---------------------------------------------------------------------------------------------- Total investments 2,000,320 12,895,248 3,791,246 3,124,401 1,005,401 454,543 23,271,159 Receivables: Employee contributions 20,972 103,747 43,351 21,401 8,476 - 197,947 Employer contributions 7,326 41,606 14,688 9,105 3,581 - 76,306 Accrued income on investments 57 288 106 25,672 20,312 - 46,435 ---------------------------------------------------------------------------------------------- Assets available for benefits $2,028,675 $13,040,889 $3,849,391 $3,180,579 $1,037,770 $454,543 $23,591,847 ==============================================================================================
12 Immunex Corporation Profit Sharing 401(k) Plan and Trust Notes to Consolidated Financial Statements (continued) 6. CHANGES IN ASSETS AVAILABLE FOR BENEFITS BY FUND
INVESCO STRATEGIC FIDELITY IMMUNEX YEAR ENDED HEALTH GROWTH AND BALANCED PRINCIPAL SCHWAB COMMON DECEMBER 31, 1996 SCIENCES INCOME JANUS PORTFOLIO PRESERVATION CASH STOCK -------------------------------------------------------------------------------------------------- ADDITIONS Investment income: Interest $ 2,255 $ 13,328 $ 3,825 $ 46,824 $ 34,206 $ 4,103 $ - Dividends - 688,327 - 13,598 - - - Net realized and unrealized appreciation(depreciation) 128,766 1,661,788 414,956 166,968 (20,105) - 41,268 ---------------------------------------------------------------------------------------------------- Total investment income 131,021 2,363,443 418,781 227,390 14,101 4,103 41,268 Contributions: Employer 123,733 749,688 203,030 102,842 28,989 - 11,301 Participant 271,681 1,619,107 442,649 203,379 58,273 - 25,596 Rollover 55,234 145,775 54,111 33,166 9,927 12,108 111 ---------------------------------------------------------------------------------------------------- Total contributions 450,648 2,514,570 699,790 339,387 97,189 12,108 37,008 ---------------------------------------------------------------------------------------------------- Total additions 581,669 4,878,013 1,118,571 566,777 111,290 16,211 78,276 DEDUCTIONS Benefits paid to participants (145,804) (1,294,551) (333,557) (206,691) (108,820) - (183) Administrative expenses - (559) - (16,313) (1,268) - - ---------------------------------------------------------------------------------------------------- Total deductions (145,804) (1,295,110) (333,557) (223,004) (110,088) 0 (183) Net transfers (to) from other funds (2,464,540) (2,927,911) (4,634,405) (3,524,352) (1,038,972) - 65,459 ---------------------------------------------------------------------------------------------------- Increase (decrease) in assets available for benefits (2,028,675) 654,992 (3,849,391) (3,180,579) (1,037,770) 16,211 143,552 Assets available for benefits: Beginning of year 2,028,675 13,040,889 3,849,391 3,180,579 1,037,770 - - ---------------------------------------------------------------------------------------------------- End of year $ 0 $13,695,881 $ 0 $ 0 $ 0 $16,211 $143,552 ====================================================================================================
SCHWAB CRABBE RANIER INST. ADV. PIMCO DODGE & HUSON SMALL/MID EURO MONEY TOTAL COX CORE CAPITAL PACIFIC PARTICIPANT MARKET RETURN BALANCED EQUITY EQUITY GROWTH LOANS TOTAL - ------------------------------------------------------------------------------------------------------------------------ $ 14,680 $ - $ - $ - $ - $ - $ 45,154 $ 164,375 - 5,619 67,424 325,184 323,749 82,655 - 1,506,556 - 5,350 141,341 (37,662) 461,470 127,826 - 3,091,966 - --------------------------------------------------------------------------------------------------------------------------- 14,460 10,969 208,765 287,522 785,219 210,481 45,154 4,762,897 (34,000) 10,294 47,068 109,952 191,017 103,771 - 1,647,685 20,531 19,196 103,990 238,869 420,080 229,022 - 3,652,373 - 3,488 7,974 39,021 52,708 26,247 - 439,870 - --------------------------------------------------------------------------------------------------------------------------- (13,469) 32,978 159,032 387,842 663,805 359,040 0 5,739,928 - --------------------------------------------------------------------------------------------------------------------------- 1,211 43,947 367,797 675,364 1,449,024 569,521 45,154 10,502,825 (21,674) 0 (64,052) (243,877) (109,938) (814) (35,521) (2,565,482) - - (44) (123) (268) (56) - (18,631) - ---------------------------------------------------------------------------------------------------------------------------- (21,674) 0 (64,096) (244,000) (110,206) (870) (35,521) (2,584,113) 547,828 160,437 2,234,389 3,756,891 5,278,216 2,476,826 70,134 0 - ---------------------------------------------------------------------------------------------------------------------------- 527,365 204,384 2,538,090 4,188,255 6,617,034 3,045,477 79,767 7,918,712 - - - - - - 454,543 23,591,847 - ---------------------------------------------------------------------------------------------------------------------------- $ 527,365 $204,384 $2,538,090 $4,188,255 $6,617,034 $ 3,045,477 $ 534,310 $ 31,510,559 ============================================================================================================================
14 Immunex Corporation Profit Sharing 401(k) Plan and Trust Notes to Consolidated Financial Statements (continued) 6. CHANGES IN ASSETS AVAILABLE FOR BENEFITS BY FUND (CONTINUED)
INVESTCO STRATEGIC FIDELITY YEAR ENDED HEALTH GROWTH AND BALANCED PRINCIPAL PARTICIPANT DECEMBER 31, 1995 SCIENCES INCOME JANUS PORTFOLIO PRESERVATION LOANS TOTAL --------------------------------------------------------------------------------------------------- Additions Investment income: Interest $ 1,033 $ 4,472 $ 1,876 $ 77,524 $ 73,474 $ 36,184 $ 194,563 Dividends 142,213 604,669 197,503 34,344 - - 978,729 Loans to participants 14,486 83,297 26,436 23,672 10,315 (158,206) 0 Net realized and unrealized appreciation (depreciation) 524,170 2,520,914 557,844 496,452 24,525 - 4,123,905 -------------------------------------------------------------------------------------------------- Total investment income 681,902 3,213,352 783,659 631,992 108,314 (122,022) 5,297,197 Contributions: Employer 132,200 741,720 290,335 161,517 54,574 - 1,380,346 Participant 290,484 1,592,834 653,430 338,539 137,115 - 3,012,402 Rollover 16,718 75,008 66,865 33,488 4,322 - 196,401 -------------------------------------------------------------------------------------------------- Total contributions 439,402 2,409,562 1,010,630 533,544 196,011 - 4,589,149 -------------------------------------------------------------------------------------------------- Total additions 1,121,304 5,622,914 1,794,289 1,165,536 304,325 (122,022) 9,886,346 DEDUCTIONS Benefits paid to participants 119,412 689,503 199,617 455,212 352,915 26,322 1,842,981 Administrative expenses - - - 26,974 2,795 - 29,769 Loans to participants 25,578 150,679 58,268 40,392 31,033 (305,950) 0 -------------------------------------------------------------------------------------------------- Total deductions 144,990 840,182 257,885 522,578 386,743 (279,628) 1,872,750 Net transfers (to) from other funds 156,976 359,769 19,625 (461,843) (74,527) - 0 -------------------------------------------------------------------------------------------------- Increase (decrease) in assets available for benefits 1,133,290 5,142,501 1,556,029 181,115 (156,945) 157,606 8,013,596 Assets available for benefits: Beginning of year 895,385 7,898,388 2,293,362 2,999,464 1,194,715 296,937 15,578,251 ------------------------------------------------------------------------------------------------- End of year $2,028,675 $13,040,889 $3,849,391 $3,180,579 $1,037,770 $ 454,543 $23,591,847 =================================================================================================
15 Immunex Corporation Profit Sharing 401(k) Plan and Trust Notes to Consolidated Financial Statements (continued) 6. CHANGES IN ASSETS AVAILABLE FOR BENEFITS BY FUND (CONTINUED)
INVESTCO FIDELITY STRATEGIC GROWTH AND BALANCED PRINCIPAL PARTICIPANT YEAR ENDED DECEMBER 31, 1994 HEALTH SCIENCES INCOME JANUS PORTFOLIO PRESERVATION LOANS TOTAL Additions ------------------------------------------------------------------------------------------------- Investment income: Interest $ 240 $ 1,032 $ 437 $ 92,637 $ 73,688 $ 22,762 $ 190,796 Dividends - 126,477 968 34,118 - - 161,563 Loans to participants 7,920 71,505 21,417 29,899 19,728 (150,469) 0 Net realized and unrealized appreciation (depreciation) 13,217 (43,144) (19,854) (310,236) (47,839) - (407,856) ------------------------------------------------------------------------------------------------ Total investment income 21,377 155,870 2,968 (153,582) 45,577 (127,707) (55,497) Contributions: Employer 110,387 709,942 283,640 223,609 76,472 - 1,404,050 Participant 234,204 1,471,209 614,529 437,243 176,997 - 2,934,182 Rollover 13,551 86,694 45,890 22,821 29,030 - 197,986 ------------------------------------------------------------------------------------------------ Total contributions 358,142 2,267,845 944,059 683,673 282,499 - 4,536,218 ------------------------------------------------------------------------------------------------ Total additions 379,519 2,423,715 947,027 530,091 328,076 (127,707) 4,480,721 DEDUCTIONS Benefits paid to participants 34,003 308,469 78,892 79,326 93,081 12,916 606,687 Administrative expenses - - 16 28,419 2,461 - 30,896 Loans to participants 13,406 137,971 25,361 41,793 25,904 (244,435) 0 ------------------------------------------------------------------------------------------------ Total deductions 47,409 446,440 104,269 149,538 121,446 (231,519) 637,583 Net transfers (to) from other funds (65,095) 295,735 86,686 (265,953) (51,373) - 0 ------------------------------------------------------------------------------------------------ Increase in assets available for benefits 267,015 2,273,010 929,444 114,600 155,257 103,812 3,843,138 Assets available for benefits: Beginning of year 628,370 5,625,378 1,363,918 2,884,864 1,039,458 193,125 11,735,113 ------------------------------------------------------------------------------------------------- End of year $895,385 $7,898,388 $2,293,362 $2,999,464 $1,194,715 $ 296,937 $15,578,251 =================================================================================================
16 IMMUNEX CORPORATION PROFIT SHARING 401(k) PLAN AND TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 7. INCOME TAX STATUS The Internal Revenue Service has determined and informed the Sponsor by a letter dated NovemberE30, 1995 that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan's tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. 17 Immunex Corporation Profit Sharing 401(k) Plan and Trust Line 27a - Schedule of Assets Held for Investment Purposes (EIN: 51-0346580, PN: 001) December 31, 1996
(b) DESCRIPTION OF INVESTMENT (d) (a) INCLUDING MATURITY DATE, RATE OF (c) MARKET IDENTITY OF ISSUE, BORROWER, OR SIMILAR PARTY INTEREST, PAR OR MATURITY VALUE COST** VALUE - -------------------------------------------------------------------------------------------------------------------- Cash and cash equivalents: Schwab Instl. Advantage Money Fund* 526,396 units $ 526,396 $ 526,396 Schwab Money Market Fund & Cash* 28,061 units 28,061 28,061 ---------------------------------- Total cash and cash equivalents 554,457 554,457 Common stock: Immunex Stock* 7,235 shares 100,018 141,082 Mutual Funds: EuroPacific Growth 116,053 units 2,894,494 3,022,015 Crabbe Huson Core Equity 220,970 units 4,212,193 4,165,279 Dodge & Cox Balanced 42,286 units 2,394,037 2,529,578 Fidelity Growth and Income 443,988 units 13,061,062 13,643,757 PIMCO Total Return 19,128 units 195,564 200,849 Rainier Small/Mid Capital Equity 350,155 units 6,134,355 6,575,910 ---------------------------------- Total mutual funds 28,891,705 30,137,388 Participant loans - participants* - 542,163 ---------------------------------- Total assets held for investment $29,546,180 $31,375,090 ==================================
* Denotes party-in-interest. ** Represents revalued cost. Historical cost information is not available from the Plan trustee. 18 ABC, Inc. Notes to Consolidated Financial Statements *December 31, 19X5 Immunex Corporation Profit Sharing 401(k) Plan and Trust Line 27d - Schedule of Reportable Transactions (EIN: 51-0346580, PN: 001) December 31, 1996
PURCHASES SALES ------------- ------------------------------------------------ IDENTITY OF PARTY INVOLVED ADJUSTED COST NET GAIN AND DESCRIPTION OF ASSET COST OF ASSET OF ASSET** SALE PRICE (LOSS) ------------------------ ------------- -------------- ---------- -------- Category (iii) - A series of transactions in excess - --------------------------------------------------- of 5% of Plan assets. - -------------------- Fidelity Growth and Income Fund $14,118,275 $ 1,057,213 $ 1,052,181 $(5,032) EuroPacific Growth Fund 2,919,563 25,069 25,373 304 Crabbe Huson Core Equity Fund 4,724,445 512,252 521,495 9,243 Dodge & Cox Balanced Fund 2,634,807 240,769 246,570 5,801 Rainier Small/Mid Capital Equity 6,425,702 291,348 311,263 19,915 Fund Schwab Money Market Fund* 27,017,791 27,013,698 27,013,698 0
There were no Category (i), (ii), or (iv) reportable transactions during 1996. - ----------------------------------------------------------------------------- * Denotes party-in-interest. ** Represents revalued cost. Historical cost information is not available from the Plan trustee. 19 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan administrator has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Immunex Corporation Profit Sharing 401(k) Plan and Trust Date: December 17, 1997 /s/ Douglas G. Southern ----------------- ----------------------- Douglas G. Southern Senior Vice President, Chief Financial Officer and Treasurer Date: December 17, 1997 /s/ Kathy Spencer ----------------- ----------------- Kathy Spencer Vice President, Human Resources Date: December 17, 1997 /s/ Michael Mumford ----------------- ------------------- Michael Mumford Vice President, Manufacturing Immunex Corporation Profit Sharing 401(k) Plan and Trust Exhibit Index 23.1 Consent of Ernst & Young LLP, Independent Auditors EX-23.1 2 CONSENT OF ERNST & YOUNG LLP Exhibit 23.1 CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statements (Form S-8 No. 33-04563) pertaining to the Immunex Corporation Profit Sharing 401(k) Plan and Trust of our report dated November 21, 1997 with respect to the financial statements and schedules of Immunex Corporation Profit Sharing 401(k) Plan and Trust included in this Annual Report (Form 11-K) for the year ended December 31, 1996. ERNST & YOUNG LLP Seattle, Washington December 18, 1997 -----END PRIVACY-ENHANCED MESSAGE-----