RIBAPHARM REPORTS INCREASE IN FIRST QTR 2002 NET INCOME.Ribapharm Inc. (NYSE NYSE See: New York Stock Exchange : RNA RNA: see nucleic acid. RNA in full ribonucleic acid One of the two main types of nucleic acid (the other being DNA), which functions in cellular protein synthesis in all living cells and replaces DNA as the carrier of genetic ), Costa Mesa, Calif., has reported first quarter 2002 net income of $30 million, an increase from $15 million compared to the same period in 2001. In addition, the company reported earnings per share of 20 cents; double that over the same period last year. On May 2, Ribapharm reported first quarter royalty revenues of $57 million derived from sales of ribavirin ribavirin /ri·ba·vi·rin/ (ri?bah-vi´rin) a broad-spectrum antiviral used in the treatment of severe viral pneumonia caused by respiratory syncytial virus, particularly in high-risk infants; also used in conjunction with interferon , an antiviral drug marketed by Schering-Plough. Ribavirin is marketed in combination with Schering-Plough's interferon alfa-2b interferon alfa-2b, recombinant Intron A, Viraferon (UK) Pharmacologic class: Biological response modifier Therapeutic class: Antineoplastic, antiviral Pregnancy risk category C product (Rebetron(TM)) and with pegylated interferon alfa-2b (PEG-Intron(R) - Rebetol(R))Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $48 million in the first quarter, versus $23 million for the same period in 2001. R&D expenses were $7 million and general and administrative costs were $2 million compared with $5 million and $1 million, respectively, last year. "These earnings reflect the successful launch of the new combination of PEG-Intron-Rebetol in the US and Europe and the launch of Rebetron combination treatment in Japan by our partner, Schering-Plough," said Johnson Y.N. Lau, M.D., President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Ribapharm. "This also demonstrates the important contribution that continues to be made by ribavirin in the successful treatment of chronic hepatitis C." In April, ICN ICN International Council of Nurses. conducted an initial public offering of 29.9 million shares of common stock of Ribapharm, representing approximately 19.9 percent of the outstanding shares. All shares were sold for the account of ICN Pharmaceuticals, Inc., with Ribapharm receiving none of the proceeds of the offering. Prior to this offering, Ribapharm was operated as a division of ICN Pharmaceuticals, Inc. Ribapharm is a biopharmaceutical company that seeks to discover, develop, acquire and commercialize innovative products for the treatment of significant unmet medical needs, principally in the antiviral and anticancer areas. For more information, call 212/754-4422. |
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