ICN’s European Operations Boost Sales, Profits
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COSTA MESA — ICN Pharmaceuticals Inc., led by a strong performance from its European operations, posted record profit and sales for the third quarter.
The pharmaceutical company said net income rose 23%, to $20.8 million, or 60 cents a share, from $16.9 million, or 52 cents a share, for the same period last year. Sales rose 15%, to $157.9 million, from $137.5 million.
Eastern European sales surged 33%, to $89 million, from $67 million a year ago, while sales in other regions were relatively flat, the company said.
Third-quarter results include operations of three Russian companies, ICN Oktyabr in St. Petersburg and newly acquired Leksredstva in Kursk and Polypharm in Chelyabinsk. ICN recently acquired Alkaloida of Hungary, one of the world’s largest producers of morphine and codeine derivatives.
For the first nine months of the year, net income gained 20%, to $57.7 million, or $1.67 a share, from $47.9 million, or $1.58 a share, for the corresponding 1995 period. Sales increased 10%, to $439.8 million, from $398.5 million.
ICN’s stock closed at $19.25, up 37.5 cents, in trading on the New York Stock Exchange.
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