BioChem Posts Profits In 1995 4th Qtr

Revenues at BioChem Pharma of Canada in the fourth quarter of 1995 were C$51.8 million ($38.1 million), compared with C$27.4 million a year earlier. BioChem changed its fiscal year-end to December 31, in 1994, which means that revenues in the 1994 period were from two months. This is partly responsible for the notable increase in revenues in 1995, along with increased diagnostics sales and increased royalty revenue. Royalties came from a milestone payment from Glaxo Wellcome pursuant to the approval of lamivudine in the USA, as well as royalties on sales of lamivudine in the USA.

The firm posted net earnings in the 1995 fourth quarter of C$3.5 million or C$0.08 per share, compared with a loss of C$4.2 million or C$0.09 per share for the two months ended December 31, 1994.

For the full year, total revenues were C$187.4 million, up 71% compared with the year-earlier 11-month period. The net loss was C$5 million, or C$0.10 per share, compared with a loss of C$14.2 million or C$0.30 per share.