BTG Achieves First Quarter of Profitability

4 September 1994

Bio-technology General of Israel has achieved its first quarter of profitability for the second quarter ended June 30, with revenues of $7.8 million. The firm reports that $5.4 million of this was derived from product sales.

Sim Fass, president and chief executive, said: "BTG is proud to join the ranks of the biotechnology companies achieving profitability. While the majority of sales were from human growth hormone, additional revenues were generated from sales of several other of the firm's products."

Revenue for the second quarter was $7.8 million compared to $3.3 million for the same period in 1993. Net income was over $0.4 million, or $0.01 per share. Revenue for the first six months of 1994 amounted to $13.4 million, up 172% from $5 million in the like, year-earlier period, and nearly matching the total revenue for all of 1993 of $13.9 million.

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