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VESTAR ANNOUNCES ESTIMATED 4TH QUARTER, YEAR-END 1992 SALES; PRODUCT REVENUES UP 86 PERCENT IN FIRST FULL PROFITABLE YEAR

 SAN DIMAS, Calif., Feb. 16 /PRNewswire/ -- Vestar Inc., (NASDAQ: VSTR) today announced sales estimates for the fourth quarter and year-end 1992.
 While final audit results will not be available until the second week of March, the company expects to report product revenues of $7.9 million for the quarter ended Dec. 31, 1992, compared with product revenues of $5.5 million in the comparable quarter last year. The company expects to report product revenues of approximately $27.5 million for the year ended Dec. 31, 1992, an 86 percent increase over the $14.8 million reported in 1991.
 "In the fourth quarter, we experienced the strongest unit sales growth of AmBisome(R) of the entire year. However, this growth was masked by a significant weakening of the foreign currencies in which we price our product. The instability of the European exchange rate mechanism caused a dramatic realignment of currencies between countries that could not be anticipated. The required adjustment of our accounts receivable resulted in an abnormally large charge to earnings in the quarter that virtually eliminated our profitability in the quarter," said Dr. Roger J. Crossley, chairman, president and CEO. "Overall, 1992 was a tremendous year for Vestar, during which we nearly doubled our revenues and recorded our first full year of profitability," Crossley added.
 Vestar, headquartered in San Dimas, Calif., develops, manufactures and markets pharmaceuticals to treat patients with cancer and serious infections, including AIDS. Among the company's proprietary drug delivery technologies are liposomes to encapsulate pharmaceuticals, and lipid prodrug technology for the development of orally active compounds. Since 1989, Vestar has been marketing in Europe AmBisome, a liposomal formulation of amphotericin B, to treat systemic fungal infections. DaunoXome(R), a liposomal formulation of the chemotherapeutic agent daunorubicin, is in development as Vestar's second major product.
 -0- 2/17/93
 /CONTACT: Michael E. Hart, chief financial officer of Vestar, 714-394-4119, or Marcia A. Kean, executive vice president, Feinstein Partners, 617-577-8110, for Vestar/
 (VSTR)


CO: Vestar, Inc. ST: California IN: MTC SU: ERP

TM -- NE001 -- 7142 02/17/93 08:46 EST
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Publication:PR Newswire
Date:Feb 17, 1993
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