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CENTOCOR REPORTS RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 1992

 CENTOCOR REPORTS RESULTS OF OPERATIONS
 FOR THE QUARTER ENDED MARCH 31, 1992
 MALVERN, Pa., May 14 /PRNewswire/ -- Centocor, Inc. (NASDAQ: CNTO) today reported a loss of $45.8 million, or $1.20 per share, for the first quarter ended March 31, 1992.
 The loss included a special charge to earnings of $9 million relating to HA-1A/Centoxin inventories. Product sales in the first quarter, including HA-1A European sales of $5.3 million, totaled $16.1 million, up 68 percent over the corresponding period of 1991.
 Centocor recently announced that its board of directors had established an executive committee chaired by Michael Wall, a founder and former chairman. The company, under the management of Dr. Hubert Schoemaker, who is continuing as chairman and chief executive officer, and David Holveck, recently named as president and chief operating officer, has prepared a new business plan. The plan contemplates a more collaborative strategy utilizing, among other things, alliances with established pharmaceutical companies.
 In addition, the plan includes selective reductions in staff at the company's Malvern headquarters and at the company's pharmaceutical manufacturing operations in Leiden, the Netherlands, along with corresponding reductions of related expenses. More extensive reductions have been instituted at the company's St. Louis pharmaceutical manufacturing facility, where operations will be downsized to a state of readiness so that scale-up can be accomplished expeditiously as future production needs dictate.
 Centocor intends to preserve the value of its product pipeline and technology base while reducing expenditures in areas directly affected by the current regulatory status of HA-1A in the United States. Management will be repositioning the company during the balance of 1992 with the objective of achieving profitability by the end of 1993.
 Centocor develops, manufactures, and markets diagnostic and therapeutic products for human health care. The company's products are based on monoclonal antibody technology and are primarily intended for use in the management of patients with infectious, cardiovascular, and autoimmune diseases and cancer.
 CENTOCOR, INC.
 Summary of Operations
 (In thousands, except for per-share amounts)
 Three months ended March 31 1992 1991
 Revenues:
 Sales $16,121 $9,583
 Contracts 5,601 5,110
 Total 21,722 14,693
 Costs and expenses (A) 65,756 33,522
 Other income (expenses), net (1,814) 676
 Loss ($45,848) ($18,153)
 Loss per share ($1.20) ($.60)
 Weighted average shares outstanding 38,287 30,254
 CENTOCOR, INC. AND SUBSIDIARIES (SCHEDULE 1)
 Consolidated Statements of Operations
 (Unaudited; in thousands except per-share data)
 Three months ended March 31 1992 1991
 Revenues:
 Sales $16,121 $9,583
 Contracts 5,601 5,110
 Total 21,722 14,693
 Costs and expenses:
 Cost of sales 5,894 3,793
 Research and development 22,589 14,817
 Marketing, general and administrative 28,273 14,912
 Special charge related to inventory 9,000 ---
 Total 65,756 33,522
 Other income (expenses):
 Interest income 3,090 2,803
 Interest expense (4,747) (2,132)
 Minority interest and other (157) 5
 Total (1,814) 676
 Loss ($45,848) ($18,153)
 Loss per share ($1.20) ($.60)
 Weighted average number of
 shares outstanding 38,287 30,254
 (A) Includes a special charge to earnings of $9 million representing a reserve for certain quantities of HA-1A inventories whose shelf life is likely to expire prior to sale.
 /delval/
 -0- 5/14/92
 /CONTACT: Richard M. Koenig of Centocor, 215-651-6122/
 (CNTO) CO: Centocor, Inc. ST: Pennsylvania IN: MTC SU: ERN


KA-JS -- PH045 -- 0450 05/14/92 16:53 EDT
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Date:May 14, 1992
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