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ICN PHARMACEUTICALS ANNOUNCES YEAR-END RESULTS

 COSTA MESA, Calif., April 1 /PRNewswire/ -- ICN Pharmaceuticals Inc. (NYSE: ICN) today reported sales for 1992 were a record $552 million. The company reported a loss of $65 million in 1992, primarily as a result of a previously announced special non-cash charge by its 88 percent-owned biomedicals subsidiary and currency translation losses related to its Eastern European operations.
 The 20 percent increase in sales resulted primarily from a record year for SPI Pharmaceuticals Inc., ICN's 45 percent-owned pharmaceutical subsidiary, despite severe economic conditions in Yugoslavia caused by United Nations sactions. SPI previously reported that 1992 was its seventh consecutive year of record sales and income.
 SPI's 1992 sales increased 31 percent to $476 million, and net income increased 15 percent to $34.5 million, or $1.90 a share, compared to 1991 results. Performance was led by international operations, including subsidiaries in Spain, Mexico and SPI's Yugoslav joint venture which was acquired May 1991.
 Viratek Inc., ICN's 70 percent-owned pharmaceutical and biomedical research and development company, previously reported revenues of $5.4 million in 1992 and net income of $1.8 million or 13 cents a share. Because of accelerated research spending in 1992 and funding of worldwide clinical trials relating to hepatitis C, net income was lower compared to 1991 results.
 ICN Biomedicals, a worldwide manufacturer and distributor of biomedical research products and medical diagnostics, announced a loss of $87.4 million, or $4.80 a share, in 1992 on sales of $75.6 million. The special non-cash charge taken by ICN Biomedicals is expected to reposition that business for competitive growth in the future.
 The loss for ICN Pharmaceuticals of $65 million, or $4.67 a share, compared to net income of $5.9 million, or 40 cents a share, on sales of $460 million in 1991. The financial results of the company were impacted by $63 million in restructuring charges by its biomedicals subsidiary during 1992 and by translation losses of $21.6 million in 1992, primarily related to the devaluation of the Yugoslav dinar.
 In the fourth quarter of 1992, ICN Pharmaceuticals reported a loss of $65 million or $4.03 a share, on net sales of $126 million, compared to a loss of $314,000 or 5 cents a share, in 1991's last quarter on sales of $175 million.
 ICN Pharmaceuticals reduced its publicly traded debt by $15.5 million in 1992.
 ICN Pharmaceuticals Inc., headquartered in Costa Mesa, is a worldwide health care company that manufactures, markets and distributes a wide range of prescription, non-prescription pharmaceuticals, biotechnology research products and medical diagnostics worldwide. It is a leader in the research and development of antivirals.
 ICN PHARMACEUTICALS INC.
 Summary Financial Information
 For the Three Months and Year Ended Dec. 31, 1992 and 1991
 (000s omitted, except per share amounts)
 (Unaudited)
 Three Months Ended Year Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Net sales $126,299 $175,067 $551,766 $460,365
 Gross profit 66,321 88,856 298,170 235,131
 Income (loss) before
 net interest expense,
 translation,
 restructuring
 charges, minority
 interest and
 income taxes (4,104) 34,754 69,966 76,389
 Interest expense, net (3,664) (9,577) (25,563) (34,321)
 Translation and
 exchange losses (8,488) (10,427) (21,648) (4,517)
 Income (loss) before
 income taxes, minority
 interest and
 restructuring charges (16,256) 14,750 22,755 37,551
 Restructuring charges (61,819) (4,849) (63,032) (6,087)
 Income taxes 6,766 (1,892) (9,967) (6,574)
 Minority interest 6,363 (8,323) (14,558) (19,035)
 Net income (loss) ($64,946) ($314) ($64,802) $5,855
 Per share information:
 Net income (loss) ($4.03) ($0.05) ($4.67) $0.40
 Shares used in per
 share computation 16,120 13,221 14,010 12,829
 -0- 4/1/93
 /CONTACT: Jack Sholl of ICN Pharmaceuticals, 714-545-0100, ext. 2465/
 (ICN)


CO: ICN Pharmaceuticals Inc. ST: California IN: MTC SU: ERN

KJ-LS -- LA036 -- 2324 04/01/93 20:34 EST
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Date:Apr 1, 1993
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