ImClone Systems ( IMCL) continued to ride the success of the cancer drug Erbitux, its one and only product, beating analysts' expectations in the fourth quarter. The New York-based biotech company posted a net loss of $13.2 million, or 16 cents a share, compared with a loss of $26.3 million, or 35 cents a share, a year ago. Excluding items -- notably the settlement of shareholder litigation -- the company earned 48 cents a share. Analysts expected 38 cents a share, based on a survey by Thomson First Call. Revenue for the fourth quarter was $107.3 million, vs. $19.8 million a year ago. In-market U.S. sales of Erbitux, which was approved by U.S. regulators in February 2004, reached $87.8 million. Research and development expenses slipped to $26.0 million compared with $27.5 million in the fourth quarter of 2003. Marketing and general and administrative expenses, however, almost doubled to 19.8 million. Charges related to the legal settlement were $55.4 million. Revenue for the full year ended Dec. 31 quadrupled to $388.7 million. The company also said it had signed licensing agreements relating to Erbitux with Genentech ( DNA) and a unit of Johnson & Johnson ( JNJ). Shares rose $1.70, or 4.5%, to $39.15.