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CENTOCOR REPORTS RESULTS OF OPERATIONS FOR THE QUARTER ENDED SEPT. 30, 1991

                  CENTOCOR REPORTS RESULTS OF OPERATIONS
                   FOR THE QUARTER ENDED SEPT. 30, 1991
    MALVERN, Pa., Nov. 8 /PRNewswire/ -- Centocor, Inc. (NASDAQ: CNTO) today reported that product sales for the third quarter of 1991 increased 26 percent over the corresponding period of 1990 to $11 million.
    Centocor recorded a loss of $35 million in the third quarter of 1991, reflecting aggressive investment in its pharmaceutical business in both Europe and the United States.  For the corresponding period of 1990, the company recorded net income of $13,000.
    "Our European sales organization has started to introduce Centoxin to leading  hospitals in Germany, the United Kingdom and The Netherlands," said Hubert J.P. Schoemaker, Ph.D., chairman of the board and chief executive officer of Centocor.  "We are continuing to expand this organization to reach additional hospitals and are preparing to launch Centoxin in France and other major European countries."
    "Centocor's financial strength will allow us to accelerate the clinical development of pharmaceutical products already in the pipeline and to fund the expansion of our pharmaceutical business in Europe and the United States,"  Schoemaker added.
    Centocor, Inc., based in Malvern, develops, manufactures and markets diagnostic and pharmaceutical 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 disease and cancer.
                           CENTOCOR, INC.
                        Summary of Operations
             (In thousands except for per-share amounts)
    Periods ended                   Three months          Nine months
    Sept. 30                       1991      1990       1991      1990
     Revenues:
    Sales                        $10,992    $8,693    $30,243    $24,865
    Research and development         120     9,266      5,379     22,732
    Total                         11,112    17,959     35,622     47,597
    Cost and expenses(A)          44,778    23,046    187,148     62,437
    Other income (expenses), net  (1,187)    5,108        170     16,944
    (Loss) income before
     income taxes                (34,853)       21   (151,356)     2,104
    Net (loss) income            (34,853)       13   (151,356)       155
    Net (loss) income per share    ($.97)      ---     ($4.56)      $.01
    Weighted average shares
     outstanding                  35,998    27,817     33,157     25,272
    (A)  Costs and expenses for the nine months ended Sept. 30, 1991, include a charge for acquired research and development of $70.1 million recorded in connection with the acquisition of all the callable common stock of Tocor, Inc.
    /delval/
    -0-                             11/8/91
    /CONTACT:  Charles C. Cabot III, 215-889-4456, or Richard M. Koenig, 215-651-6122, both of Centocor/
    (CNTO) CO:  Centocor, Inc. ST:  Pennsylvania IN:  MTC SU:  ERN KA -- PH025 -- 2641 11/08/91 14:31 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 8, 1991
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