THE ARES-SERONO GROUP REPORTS THIRD QUARTER
AND NINE MONTHS SALES AND EARNINGS
BOSTON, Nov. 13 /PRNewswire/ -- The Ares-Serono Group reported worldwide sales of US $169.2 million for the third quarter ending Sept. 30, 1991, compared with $150.9 million for the same period last year, an increase of 12.2 percent. Net income increased by 7.3 percent to $15.8 million or $29.11 per share, compared with $14.8 million or $27.14 per share in 1990.
Worldwide sales for the nine months ending Sept. 30, 1991, rose 17.7 percent to $533.5 million, compared with $453.2 million during the same period in 1990. Excluding unfavorable currency fluctuations, actual sales growth for the nine months was 18.6 percent. Net income rose 5.8 percent to $47.4 million or $87.11 per share, compared with $44.8 million or $82.37 per share for the first nine months of 1990.
Year-to-date prescription pharmaceuticals sales worldwide increased by 17.7 percent to $443.4 million from $376.6 million during the same period last year. After adjusting for unfavorable currency effects, the growth in sales of pharmaceutical products was 18.5 percent.
Sales growth for pharmaceuticals was positively impacted by the new oncological indications obtained during the last quarter of 1990 in Italy for Ares-Serono's native beta interferon, Frone(R), as well as the strong market penetration of Saizen(R), the recombinant human growth hormone, in most European markets.
For the first nine months of 1991, sales of the Group's diagnostic products were $76.5 million, up 13.4 percent from $67.5 million, reflecting strong sales in the French, Italian and German markets, due in particular to sales of the SR-1(R), Ares-Serono's fully automated immunoassay diagnostic system.
During the first nine months of 1991, sales of over-the-counter products increased by 50.4 percent to $13.6 million from $9.1 million.
Major developments in the third quarter of 1991 include:
-- The approval of six new drug registrations worldwide, bringing the total number to 46 in the first nine months of 1991. This includes the registration of Frone and TP-1 in Mexico.
-- An important new indir the SR-1, Ares-Serono's fully automated immunoassay system: Progesterone used in the diagnosis and treatment of infertility, and Cortisol, a steroid hormone test, used to diagnose various clinical conditions. The introduction of these tests brings the total number of tests for the SR-1 to 14.
-- The opening of a representative office of The Ares-Serono Group in Moscow.
-- The announcement at an international symposium that Interleukin-6 (IL-6), a genetically engineered molecule, developed by a subsidiary of The Ares-Serono Group, might provide relief for severe side effects associated with cancer therapy. IL-6 is also under investigation for the treatment of certain types of cancer.
The Ares-Serono Group is a leading Swiss developer and marketer of pharmaceutical and diagnostic products with executive headquarters in Geneva, Switzerland and operating headquarters in Boston. The Group operates subsidiaries and manufacturing facilities in more than 20 countries. Shares of Ares-Serono S.A., the parent company of the Group, are listed on the major Swiss stock exchanges.
The following is a summary of unaudited comparative results prepared in accordance with International Accounting Standards (I.A.S.):
SUMMARY OF UNAUDITED COMPARATIVE RESULTS
(all amounts in thousands of U.S. dollars except per share data)
Three Months Ended Nine Months Ended
9/30/91 9/30/90 9/30/91 9/30/90
Pharmaceuticals $142,727 $124,603 $443,357 $376,628
Diagnostics 23,003 22,652 76,536 67,508
OTC 3,512 3,639 13,629 9,062
Total Sales 169,242 150,894 533,522 453,198
Operating income 34,278 30,505 103,909 89,923
minority interest 23,440 22,134 73,985 68,638
Net income 15,826 14,752 47,355 44,777
share(a) 29.11 27.14 87.11 82.37
Number of shares
outstanding(a) ------ 1,044,798 for all periods ----
NOTE: (a) Data per share are based on 209,468 Bearer Shares and 835,330 Registered Shares (total equivalent number of Bearer Shares 543,600).
/CONTACT: Gina Cella of Ares-Serono Group, 617-982-9000, ext. 251/ CO: The Ares-Serono Group ST: Massachusetts IN: MTC SU: ERN KM-DD -- NE004 -- 3837 11/13/91 10:10 EST