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ICN PHARMACEUTICALS REPORTS RECORD FIRST QUARTER SALES AND EARNINGS; LONG-TERM LIABILITIES REDUCED BY $40 MILLION

ICN PHARMACEUTICALS REPORTS RECORD FIRST QUARTER SALES AND EARNINGS;
 LONG-TERM LIABILITIES REDUCED BY $40 MILLION
 COSTA MESA, Calif., May 14 /PRNewswire/ -- ICN Pharmaceuticals Inc. (NYSE: ICN) today reported record first quarter net income of $6.6 million, or 46 cents a share, compared to $4.6 million, or 37 cents a share, in last year's first quarter. Sales reached a record $142.3 million from $63.2 million in last year's first quarter.
 The company said its first quarter results benefited from the performance of its pharmaceutical manufacturing and marketing subsidiary, SPI Pharmaceuticals (AMEX: SPI). Viratek (NASDAQ: VIRA), the company's pharmaceutical research and development subsidiary, also contributed to the results.
 Profit before taxes and minority interest rose to a record $19.6 million from $6.8 million in the first quarter of 1991. A $6 million increase in minority interest resulted from the 1991 acquisition of ICN Galenika, SPI's 75 percent-owned Eastern European venture company, and the sale of SPI stock owned by ICN.
 SPI Pharmaceuticals reported record net income of $7.7 million, or 44 cents a share, on sales of $121 million. SPI's strong performance was because of record sales of its antiviral Virazole and $84 million contribution in sales by ICN Galenika. First quarter sales of Virazole were at an all-time high internationally and in the United States, where it is authorized as an aerosol to treat infants hospitalized with severe respiratory syncytial virus caused by respiratory syncytial virus.
 ICN Biomedicals (AMEX: BIM), the company's biotechnology research and medical diagnostics products subsidiary, reported a net loss of $781,000, or 5 cents a share, on sales of $21.2 million. ICN Biomedicals said it expected a previously announced restructuring to return the company to profitability in the latter part of 1992.
 While total ICN Biomedicals sales reflected the company's decision to discontinue lower-margin products, sales increased in the company's core products. Sales of tritium-labeled biochemicals, ultra-pure biochemical laboratory reagents and liquid scintillation devices all registered gains in the quarter.
 Viratek Inc. reported net income of $1.4 million, or 10 cents a share, on revenues of $2 million for the first quarter of 1992. Viratek receives royalties on worldwide sales of Virazole for which it holds the patent.
 ICN said it recorded a gain in the quarter of $7.6 million in currency translation primarily relating to its foreign publicly traded debt. The quarter results included a gain of $24.3 million on the sale of securities partially offset by a write-off of pre-1970 goodwill of $12 million.
 Total liabilities were reduced in the first quarter from year-end by approximately $77 million, of which $40 million was long-term liabilities. Long-term debt was reduced by $12 million. In addition, cash increased to $62 million at the end of the quarter.
 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.
 ICN PHARMACEUTICALS INC.
 Summary Financial Information
 For the Three Months Ended March 31, 1992 and 1991
 (000s omitted, except per share amounts)
 Three Months Ended March 31,
 1992 1991
 Net sales $142,328 $63,197
 Gross profit 74,120 35,170
 Income before interest
 expense, translation,
 minority interest
 and income taxes 19,331 6,627
 Interest expense (7,313) (7,374)
 Translation 7,576 7,499
 Income before income
 taxes and minority
 interest 19,594 6,752
 Income taxes (6,234) (1,466)
 Minority interest (6,770) (701)
 Net income $6,590 $4,585
 Per share information:
 Net income $0.46 $0.37
 Shares used in per
 share computation 13,878 12,210
 -0- 5/14/92
 /CONTACT: Jack Sholl of ICN Pharmaceuticals, 714-545-0100, ext. 3013/
 (ICN SPI VIRA BIM) CO: ICN Pharmaceuticals Inc.; SPI Pharmaceuticals; Viratek;
 ICN Biomedicals ST: California IN: MTC SU: ERN


DM-JL -- LA015 -- 0063 05/14/92 09:17 EDT
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Publication:PR Newswire
Date:May 14, 1992
Words:648
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