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1992-1993 FISCAL YEAR: BIOCHEM PHARMA MAINTAINS SOLID FINANCIAL POSITION

 LAVAL, Quebec, April 26 /PRNewswire/ -- BioChem Pharma Inc. (NASDAQ: BCHXF) today reported revenues for the fiscal year ended Jan. 31, 1993, of $36,600,000, compared to $30,300,000 for the previous year. This 21 percent increase was mainly a result of growth in sales of diagnostic products. The company also increased its research and development budget to $12,300,000, compared with $9,600,000 last year, a 29 percent increase. (These figures, and all following figures, are in Canadian dollars).
 BioChem also reported, before income tax, minority interest in the earnings of subsidiaries and the share of the loss of an associated company, and the costs related to the cancellation of a share issue, a loss of $4,900,000 for the fiscal year. This compares with a loss of $226,000 in the previous fiscal year. The current year's loss is primarily due to increased research and development expenses and the decline in Canadian vaccine revenues. The net loss after the above items was $13,100,000, or $0.32 per share, which includes a $2,500,000 charge resulting from a canceled international share issue and a non- cash charge of $4,900,000 which represents BioChem's share of its associated company's North American Vaccine Inc. (NAVA), loss. The previous year's net profit of $12,700,000, or $0.37 per share, was primarily due to a profit on dilution of $17,100,000 resulting from a public share offering by NAVA.
 BioChem's cash on hand on January 31, 1993 was $60,200,000, an increase of more than 61 percent over the preceding year, with a working capital of $64,600,000 as of Jan. 31, 1993. Shareholders' equity was $114,200,000 on total assets of $138,400,000, representing a 36 percent increase in shareholders' equity and a 27 percent increase in assets. The total number of outstanding shares on Jan. 31, 1993 was 46,652,994.
 "Despite a difficult year for pharmaceutical and biotechnological businesses, BioChem has maintained a solid financial position," said Dr. Francesco Bellini, president and chief executive officer. "With several therapeutic products in advanced human clinical trials and the successful development of our diagnostic and vaccine businesses, we are optimistic regarding our prospects for 1993."
 BioChem Pharma is a pharmaceutical company dedicated to the research, development and commercialization of innovative products for the detection, prevention and treatment of human diseases. The company's shares are traded on the Montreal and Toronto stock exchanges (BCH) and on NASDAQ (BCHXF).
 BIOCHEM PHARMA INC.
 Consolidated Statement of Earnings
 (In thousands of Canadian dollars, except per share amounts)
 1993 1992
 Revenues:
 Sales $28,119 $20,549
 Royalties 1,277 1,156
 R&D contracts 4,580 4,954
 Interest and other revenue 2,592 3,645
 Total revenues 36,568 30,304
 Expenses:
 Cost of goods sold $15,413 $14,827
 Selling and administrative 12,109 5,427
 R&D - net 12,343 9,586
 Financial 1,100 448
 Amortization of goodwill 519 242
 Total expenses 41,484 30,530
 Earnings/(loss) before the
 following items (4,916) (226)
 Gain on dilution following
 the issue of share capital
 of the associated company -- 17,055
 Costs related to canceled share issue (2,500) --
 Total (7,416) 16,829
 Income taxes 568 73
 Total (7,984) 16,756
 Minority interest in the
 earnings of subsidiaries (223) (79)
 Share of loss of the associated company (4,940) (4,003)
 Net earnings/(loss) $(13,147) $12,674
 Earnings/(loss) per share $(0.32) $0.37
 Weighted average number of
 common shares outstanding 41,024,809 34,703,519
 BIOCHEM PHARMA INC.
 Consolidated Balance Sheets
 (In thousands of Canadian dollars)
 1993 1992
 Current assets $82,350 $57,947
 Investment in associated company 20,763 22,677
 Capital assets 24,440 18,327
 Other assets 10,820 9,895
 Total assets 138,373 108,846
 Current liabilities 17,759 19,014
 Long-term debt and other
 obligations 3,530 4,572
 Minority interest 2,862 1,303
 Shareholders' equity 114,222 83,957
 Total Liabilities and
 shareholders' equity 138,373 108,846
 -0- 4/26/93
 /CONTACT: Jean-Yves Duthel, vice president-public relations of BioChem Pharma Inc., 514-681-1744, or (cellular) 514-949-3714, or Michele Roy of National Public Relations Inc., 514-843-7171, for BioChem Pharma Inc., or Fern Lazar or Kate de Santis of Dewe Rogerson, Inc., 212-688-6840, for BioChem Pharma Inc./
 (BCHXF)


CO: BioChem Pharma Inc. ST: Quebec IN: MTC SU: ERN

TS -- NY120 -- 0978 04/26/93 16:54 EDT
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Date:Apr 26, 1993
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