"Highly Pleasing" 1996 Results At BTG
Bio-Technology General achieved pretax profits of $10.9 million or $0.23per share in 1996, compared with $3.4 million and $0.08 per share a year earlier. Net income was $22.9 million, on the basis of an income tax benefit of $12 million. Net income also reflects a one-time write-off of previously capitalized expenses in the amount of $1.4 million, or $0.03 per share.
Total 1996 revenues were $47.7 million, up 71%. Product sales grew 88% to $40.4 million, resulting from the US launch of Oxandrin (oxandrolone) and broader worldwide distribution of the firm's human growth hormone.
Sim Fass, president and chief executive of BTG, stated: "we are highly pleased with the 1996 results. In addition to sales generated by Oxandrin in its first full year post launch, growth in product sales was also achieved for Bio-Tropin (somatropin), our human growth hormone, and BioLon (hyaluronic acid)."
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