Corange, the holding company for Boehringer Mannheim and DePuy with Curt Engelhorn back at the helm (Marketlettter June 5), reported net income of $215.6 million for the year ended December 31, 1994, more than double the previous year's $105.1 million, as a result of a one-time restructuring. Operating income was $415.2 million (compared with $150.4 million for 1993) after the restructuring charge, while sales increased 7.6% to $3.46 billion.
Improved sales and profitability in a year marked by major changes in the health care industry was no mean achievement, the company said. And looking ahead, it foresees increased competition and further price pressure characterizing the marketplace. However, with improved operational efficiency, and technically advanced and unique products, the Corange group contends that it is confident of making further good progress in 1995.
Diagnostics Lead Sales Boehringer Mannheim Diagnostics was the Corange group's largest revenue producer in 1994, accounting for 54% of total turnover or contributing some $1.96 billion. The diagnostics division is said to be the second largest producer of in vitro diagnostic products and services in the world. In 1994, the division entered into a cooperative venture with Eli Lilly in diabetes care, including joint marketing.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
7 day trial access
Become a subscriber
Or £77 per month
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze