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ICN BIOMEDICALS REPORTS THIRD CONSECUTIVE QUARTER OF PROFITABILITY; DEBT SIGNIFICANTLY REDUCED

 COSTA MESA, Calif., Nov. 16 /PRNewswire/ -- ICN Biomedicals, Inc. (AMEX: BIM) today reported third quarter 1993 net income of $866,00, or 5 cents per share, on worldwide sales of $14.6 million. This compare to a net loss of $7.6 million, or 39 cents per share, on sales of $18.4 million in the third quarter of 1992.
 ICN Biomedicals' gross profit margin rose to 55 percent in the third quarter of 1993 compared to 45 percent in the same period in 1992. This reflects the company's announced strategy to place emphasis on more profitable products and product lines.
 ICN Biomedicals is a major world supplier of biotechnology research products and medical diagnostics.
 "Over the past five years, advances in molecular biology have dramatically shifted the market for research products away from traditional laboratory chemicals to products aimed at biotechnology techniques, such as gene discovery and engineering," said Milan Panic, chairman and chief executive officer. "ICN Biomedicals has responded to these changes, and today the company is uniquely positioned in all segments of this rapidly growing market, including immunology, cell biology, molecular biology and biochemistry."
 To better meet the future needs of this market, ICN Biomedicals is now operating under a new structure consisting of four distinct worldwide business divisions: Diagnostics, Research Products, Dosimetry and International Sales. ICN Biomedicals market 55,000 different products in over 100 countries.
 The company also reduced its debt to $15 million at Sept. 30, 1993 from $18 million at Dec. 31, 1992. Since November 1989, debt has been reduced 73 percent, from $55 million to the present $15 million.
 ICN Biomedicals issued two classes of nonconvertible preferred stock valued at $62 million to ICN Pharmaceuticals, Inc. (NYSE: ICN), in exchange for 13,368,449 shares of ICN Biomedicals common stock it owned and retirement of $11 million of debt owed to ICN Pharmaceuticals. As a result, the number of common shares outstanding was reduced from 22,402,072 to 9,033,623 effective Aug. 30, 1993.
 Net income for the first nine months of 1993 totaled $5.3 million, or 25 cents per share, on sales of $45.8 million. This compares to a loss of $9 million, or 50 cents per share, on sales of $58.8 million for the first nine months of 1992. Net income for the first nine months of 1993 benefited from the favorable settlements of debt, which resulted in extraordinary income of $627,000 or 3 cents a share, and certain reserve reevaluations. Third quarter earnings for 1993 included a favorable settlement of a non-income tax related dispute.
 ICN Biomedicals, Inc. is a subsidiary of ICN Pharmaceuticals, Inc.
 ICN BIOMEDICALS, INC.
 Summary Financial Information
 (Unaudited, amounts in thousands)
 Periods ended Three Months Nine Months
 Sept. 30, 1993 1992 1993 1992
 Sales $14,607 $18,382 $45,831 $58,829
 Net income (loss) $ 866 $(7,550) $ 5,266(A)$(9,000)
 Per share information
 Net income (loss) $ .05 $($0.39) $ $0.25(A)$ (0.50)
 Shares used in computing
 per share information 17,962,000 19,183,000 20,931,000 17,883,000
 (A) Includes extraordinary income of $627,000, or 3 cents a share.
 -0- 11/16/93
 /CONTACT: Jack Sholl of ICN Biomedicals, 714-545-0100, ext. 3013/
 (BIM ICN)


CO: ICN Biomedicals, Inc. ST: California IN: MTC SU: ERN

MP-SP -- NY017 -- 4957 11/16/93 09:58 EST
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Date:Nov 16, 1993
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