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.
Summary of Operations
(In thousands except for per-share amounts)
Periods ended Three months Nine months
Sept. 30 1991 1990 1991 1990
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.
/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