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VESTAR REPORTS 1992 FOURTH QUARTER AND YEAR-END RESULTS; PRODUCT REVENUES UP 86 PERCENT; COMPANY EARNS 20 CENTS PER SHARE

 SAN DIMAS, Calif., March 9 /PRNewswire/ -- Vestar, Inc. (NASDAQ: VSTR) today announced results for the fourth quarter and year ended Dec. 31, 1992, in line with previously announced estimated results.
 The company reported product revenues of $27.5 million for the year ended Dec. 31, 1992, an 86 percent increase over the $14.8 million reported in 1991. Total revenues for the year were $30.3 million, compared with $15.9 million in 1991. Product revenues were $7.9 million for the quarter ended Dec. 31, 1992, up from $5.5 million in the comparable quarter last year.
 Net income for the year 1992 was $3.1 million, or 20 cents per share, compared to a net loss of $.8 million, or 15 cents per share, in the previous year. Net income for the fourth quarter 1992 was $.2 million, or 1 cent per share, compared with net income of $1.0 million, or 8 cents per share, for the comparable quarter last year.
 Management noted that dramatic fluctuations in European currencies in the fourth quarter significantly reduced profitability. Unit sales growth of AmBisome(R) was stronger in the fourth quarter than at any time during the year, enabling Vestar to increase its revenues and remain profitable for the quarter, despite the noted currency fluctuation. In the majority of its markets, the company prices AmBisome in the currency of each country into which it is sold.
 "We are extremely proud of the company's operating performance in 1992, our first full year of profitability," said Dr. Roger J. Crossley, Vestar's chairman, president and CEO. "Among the year's financial highlights were a near-doubling of product revenues as AmBisome steadily gained market acceptance in Europe, and a dramatic improvement in gross margins from 75 percent in 1991 to 86 percent in 1992. During the year, we invested over $10 million in research and development, with emphasis on the rapid advancement of our products through clinical development. The culmination of these efforts was the recent submission of a New Drug Application for approval to market DaunoXome(R), our second product, in the United States. Our current focus is on initiating human clinical trials by mid-year of our third product, liposomal amikacin, as well as moving additional therapeutics into preclinical trials," Dr. Crossley stated.
 Vestar, headquartered in San Dimas, Calif., develops, manufactures and markets pharmaceuticals to treat patients with cancer and serious infections, including AIDS. Since 1989, Vestar has been marketing in Europe AmBisome, a liposomal formulation of amphotericin B, to treat systemic fungal infections. DaunoXome, a liposomal formulation of the chemotherapeutic agent daunorubicin, is Vestar's second major product. Among the company's proprietary drug delivery technologies are liposomes to encapsulate pharmaceuticals, and lipid prodrug technology for the development of orally active compounds.
 VESTAR, INC.
 Condensed Statements Of Operations
 For the quarter and year ended Dec. 31, 1992 and 1991
 (in thousands, except per share amounts)
 Quarter Ended Year Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenues
 Product $7,914 $5,522 $27,464 $14,776
 Collaborative agreement
 and contract 45 184 455 531
 Interest income 569 191 2,361 599
 Total revenues 8,528 5,897 30,280 15,906
 Expenses
 Cost of goods sold 991 1,051 3,896 3,642
 Research and development 2,969 2,079 10,191 6,839
 Selling, general and
 administrative 4,307 1,688 12,670 6,252
 Total expenses 8,267 4,818 26,757 16,733
 Income (loss) before
 provision for income taxes 261 1,079 3,523 (827)
 Provision for income taxes 98 0 392 0
 Net income (loss) $163 $1,079 $3,131 $(827)
 Net income (loss) per
 common share 1 cent 8 cents 20 cents (15 cents)
 Shares used in computation
 net income (loss) per
 common share 16,133 13,108 15,785 8,886
 -0- 3/9/93
 /CONTACT: Michael E. Hart, chief financial officer of Vestar, Inc., 909-394-4119; Marcia A. Kean, executive vice president of Feinstein Partners, 617-577-8110, for Vestar/
 (VSTR)


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

CH -- NE007 -- 4389 03/09/93 09:15 EST
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Date:Mar 9, 1993
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