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ICN PHARMACEUTICALS REPORTS INCREASE IN NET INCOME AND SALES IN 1991

 ICN PHARMACEUTICALS REPORTS INCREASE IN NET INCOME AND SALES IN 1991
 COSTA MESA, Calif., April 6 /PRNewswire/ -- ICN Pharmaceuticals, Inc. (NYSE: ICN) today reported that net income in 1991 was $5.9 million, or 40 cents a share. Sales increased to a record $460.4 million.
 The company said profit before taxes and minority interest was a record $31.5 million in 1991.
 Of the company's three subsidiaries SPI Pharmaceuticals, Inc. and Viratek, Inc. registered profits for the year, while ICN Biomedicals, Inc. recorded a loss, which included charges taken to reposition the business for profitable and competitive growth in the future.
 Nineteen-ninety-one's performance was led by the company's SPI Pharmaceuticals, Inc. subsidiary, which saw sales increase 159 percent to a record $364 million and net income rise 102 percent to a record $30 million. SPI benefited from the start-up of a new Eastern European venture, ICN Galenika, in May 1991, and had pretax profit before minority interest of $52.8 million.
 Fourth quarter revenues increased to $175.1 million. The company reported a loss of $300,000 in the fourth quarter, or 5 cents a share, which includes the result of a one-time charge of $6.1 million taken by its ICN Biomedicals subsidiary to restructure its business operation.
 ICN Biomedicals, the company's biotechnology research products and medical diagnostics subsidiary, reported a 1991 loss of $12.9 million on revenues of $96.5 million.
 Viratek, the company's pharmaceutical development subsidiary, reported net income of $3.6 million on revenues of $4.5 million in 1991.
 During 1991, the company's publicly traded debt was reduced by $13.3 million.
 As previously announced, ICN switched to a calendar year, ended Dec. 31, 1991. The company's 1990 results were based on a fiscal year ended Nov. 30.
 ICN PHARMACEUTICALS, INC.
 (000's omitted, except per share amounts)
 Three Months Ended 12 Months Ended
 12/31/91 11/30/90 12/31/91 11/30/90
 Net sales $175,068 $75,459 $460,365 $271,975
 Gross profit 88,856 43,873 296,131 150,347
 Inc. bef. interest exp.,
 translation, minority
 interest inc. taxes &
 extraord. credits 23,881 5,220 71,852 27,059
 Interest expense (9,663) (6,407) (35,871) (29,145)
 Translation (10,427) (3,715) (4,517) (14,020)
 Inc. bef. inc. taxes,
 minority interest &
 extraordinary credits 9,901 (3,902) 91,464 (16,106)
 Income taxes (1,992) (9,716) (6,574) (6,860)
 Minority interest (8,323) (1,343) (19,035) (3,708)
 Extraordinary credits -- -- -- 4,230
 Net income (loss) (314) (8,960) 5,855 (22,445)
 Per share information:
 Net income (loss) (0.05) (0.77) 0.40 (1.92)
 Shares used in per share
 computation 13,221 11,707 12,829 11,776
 -0- 4/6/92 R
 /CONTACT: Paul Knopick of ICN Pharmaceuticals, 714-545-0100, ext. 2465/
 (ICN) CO: ICN Pharmaceuticals, Inc. ST: California IN: MTC SU: ERN


PS -- NY009 -- 5397 04/06/92 13:08 EDT
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Publication:PR Newswire
Date:Apr 6, 1992
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