1st-Half Sales Rise 15% At Ares-Serono

Worldwide sales at Swiss group Ares-Serono rose 15% in the first six months of 1996 to $375.9 million. Operating income grew 78.8% to $45.7 million, and net income was $20.6 million, rising 70.3%. The firm said that investment in R&D in the first half was virtually unchanged at $67.2 million. R&D spending as a percentage of sales fell from 20.2% a year ago to 17.9% in the current first half.

"We are pleased with our performance in the first half of 1996. We achieved this result despite continuing charges against the gross margin relating to the switch in production from extractive to recombinant technology," said Ernesto Bertarelli, chief executive of the group. "The positive trend in sales and profits has thus been confirmed and should continue in the second half of the year," he added.

Total pharmaceutical sales in Europe increased 15.4%, mainly driven by the continued strong performance of Metrodin HP, the highly-purified follicle stimulating hormone, and the successful launch of Gonal-F (recombinant FSH) in seven European countries.