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COPLEY PHARMACEUTICAL, INC. REPORTS THIRD QUARTER RESULTS

 CANTON, Mass., Dec. 2 /PRNewswire/ -- Copley Pharmaceutical, Inc. (NASDAQ: CPLY) announced its results of operations for the three and nine months ended Oct. 31, 1993. Results of operations and summary balance sheet data are detailed below:
 COPLEY PHARMACEUTICAL, INC.
 Results of Operations
 Unaudited
 (In thousands, except per share data)
 Three Months Ended Nine Months Ended
 Oct. 31, Oct. 31,
 1993 1992 1993 1992
 Net sales $24,122 $13,298 $64,612 $33,150
 Cost of goods sold 9,548 5,914 26,162 14,307
 Gross profit 14,574 7,384 38,450 18,843
 Research and
 development 1,958 1,426 6,533 4,048
 Selling, general and
 administrative 3,333 1,531 8,889 4,382
 Other income (expense) (514)(a) (217) 521(a) 3,057(b)
 Income before taxes 8,769 4,210 23,549 13,470
 Income taxes 3,355 1,636 8,705 5,098
 Net income 5,414 2,574 14,844 8,372
 Primary earnings per
 share 28 cents 18 cents 80 cents 59 cents
 Weighted avg. common
 shares 19,231 15,120 18,575 14,693
 Fully diluted earns.
 per share 28 cents 18 cents 80 cents 59 cents
 Weighted avg. common
 shares 19,247 15,159 18,625 14,781
 (a) Includes costs incurred though Oct. 31, 1993 in connection with Hoechst-Celanese tender offer completed on Nov. 10, 1993 of $1,003,000, $632,000 after tax expense, (3 cents) net income per common share for the three and nine months ended Oct. 31, 1993.
 (b) Includes non-recurring income from settlement of litigation of $3,000,000, $1,800,000 after tax income, 12 cents net income per common share for the nine months ended Oct. 31, 1992.
 Copley management commented that it is very pleased with the third quarter performance and looks forward towards continuing growth and strength in the future.
 COPLEY PHARMACEUTICAL, INC.
 Summary Comparative Balance Sheet Data
 (In thousands)
 Oct. 31, Jan. 31,
 1993 1993
 (unaudited) (audited)
 Cash, cash equivalents and
 marketable securities $42,182 $40,656
 Working capital 61,904 40,336
 Total assets 116,103 85,099
 Long-term debt 6,000 6,300
 Total stockholders' equity 98,023 64,747
 Copley Pharmaceutical, Inc. is a leading manufacturer and marketer of a broad range of off-patent prescription and over-the-counter pharmaceuticals in a variety of dosages. The company markets its products to distributors retail chains, wholesalers, hospitals, government agencies and managed care entities.
 -0- 12/2/93
 /CONTACT: Steven N. Tannenbaum, executive vice president-finance of Copley Pharmaceuticals, 617-821-6111/
 (CPLY)


CO: Copley Pharmaceutical, Inc. ST: Massachusetts IN: MTC SU: ERN

JL-CM -- NE019 -- 0014 12/02/93 17:37 EST
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Publication:PR Newswire
Date:Dec 2, 1993
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