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BIOCHEM PHARMA ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

 LAVAL, Quebec, June 23 /PRNewswire/ -- BioChem Pharma Inc. (NASDAQ: BCHXF; MSE, TSE: BCH) announced today its financial results for the first quarter of fiscal 1994. The company's first quarter revenues totaled $8.6 million, compared to $9.7 million for the same quarter last year. BioChem posted a net loss of $2.5 million, or $.05 per share, for the quarter, compared to a net loss of $5 million, or $.13 per share, for the year earlier period. (All figures are in Canadian dollars. The current exchange rate is C$1.00 equals US$0.78.)
 The expiration in May 1992 of a vaccine distribution contract led to a decrease in vaccine and overall revenues for the quarter compared to last year. The company expects vaccine revenues to strengthen later this year as it delivers seasonal supply contracts.
 BioChem Pharma increased its gross profit margin to 49 percent, compared to 33 percent in 1992, through relatively higher sales of diagnostics products which carry a better profit margin than the vaccine products. The resulting gross profit on sales reached $2.7 million during the first quarter, compared to $2.6 million last year, despite the lower revenues. The company's research and development costs also increased, to $3.1 million from $2.9 million for 1992, as the company maintained its commitment to research and development.
 Before income taxes, the minority interest in the results of affiliates, and the share in the loss of an affiliated company, North American Vaccines Inc. (NAVA), BioChem posted a loss of $961,000, compared to a loss of $1.3 million for the first quarter of 1992. After these items, the most significant of which is the non-cash charge of $1.4 million related to BioChem's share of NAVA's loss, the net loss is $2.5 million for the quarter.
 As of April 30, 1993, the company had cash, cash equivalents and short-term investments of $58.5 million and working capital of $66 million. In addition, shareholders' equity increased from $80 million to $112 million due to the exercise of warrants and options to purchase BioChem shares by Glaxo Canada.
 "We are pleased that BioChem Pharma is growing and making steady progress toward the goals we envisaged," said Dr. Francesco Bellini, president and chief executive officer.
 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 OPERATIONS
 (unaudited, in thousands, except per share amounts)
 (in Canadian dollars, C$1 equals US$0.78)
 Three months ended
 April 30
 1993 1992
 Revenues:
 Sales $5,542 $7,767
 Royalties 996 2
 R&D contracts 1,182 1,136
 Interest and other revenue 913 833
 Total revenues $8,633 $9,738
 Expenses:
 Cost of goods sold $2,803 $5,173
 Selling and administrative 3,174 2,629
 R&D -- net 3,112 2,933
 Other 505 339
 Total expenses $9,594 $11,074
 Loss before following items (961) (1,336)
 Cost related to cancelled share issue -- 2,500
 Income taxes (177) (89)
 Minority interest in
 earnings of subsidiaries 25 (138)
 Share of earnings/(loss) of
 associated company (1,386) (923)
 Net earnings/(loss) $(2,499) $(4,986)
 Earnings/(loss) per share $(.05) $(.13)
 Weighted average number of
 common shares outstanding 46,040,491 39,154,348
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (unaudited, in thousands)
 April 30
 1993 1992
 Current assets $ 84,622 $ 53,600
 Investment in associated
 company 19,415 22,325
 Capital assets 26,231 18,753
 Other assets 10,634 9,801
 Total assets $140,902 $104,479
 Current liabilities $ 18,524 $ 18,587
 Long-term debt and other obligations 7,526 4,515
 Minority interest 2,840 1,426
 Shareholders' equity 112,012 79,951
 Total liabilities and
 shareholders' equity $140,902 $104,479
 -0- 6/23/93
 /CONTACT: Jean-Yves Duthel, vice president - public relations of BioChem, 514-681-1744 (office) or 514-949-3714 (cellular); or Kate de Santis of Dewe Rogerson, 212-688-6840, for BioChem/
 (BCHXF)


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

GK-MP -- NY065 -- 5163 06/23/93 16:46 EDT
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Date:Jun 23, 1993
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