ICN Pharmaceuticals: 3 Acquisitions In '96

- ICN Pharmaceuticals made three major acquisitions in eastern Europe in1996, which contributed to the firm's annual growth. ICN's total sales last year were $614 million, up 21%. Net income rose 30% to $87 million, and earnings per share grew 9% to $2.40. In eastern Europe, the firm achieved turnover of $355 million, an increase of 39%. The success of ICN Yugoslavia in 1996 was said to be a contributory factor. Sales and exports there grew 14% to $267 million; the firm has a 50% stake in the Yugoslav pharmaceutical market. In North America, ICN achieved turnover of $141 million, down 2% due to lower demand for its antiviral Virazole (ribavirin). Sales of all other pharmaceutical products increased. In Latin America, revenues grew 13% to $49 million, reflecting continued improvement since the devaluation of the Mexican peso.