Many US Biotech Firms See Good 3rd Qtr Sales Growth

Although many of the US biotechnology companies reporting third-quarter and nine-month 1995 results are seeing a very strong improvement in sales, only a few are yet coming into profit.

- Agouron Pharmaceuticals reported a net loss of $2.5 million for the third quarter compared with $2.7 million in the like, year-earlier period. The company notes that operating results for the first three months reflect its expanded investment in proprietary R&D, the receipt of a $24 million milestone payment and program funding from Japan Tobacco related to development of the anti-HIV drug Viracept (AG1343) and the net proceeds from the company's secondary offering of 3 million shares in September.

- BioTechnology General points out that revenues almost tripled for the third quarter, with product sales nearly quadrupling at $4.2 million, and reaching $15.8 million for the nine months. BTG was one of the companies turning into profit, with earnings per share of just $0.01 compared with a loss of $0.12 in third-quarter 1994. For the nine months, the company produced EPS of $0.09, compared with the 1994 equivalent of a loss of $0.04 per share. BTG president and chief executive Sim Fass says he is "gratified and encouraged" by these results, adding that he expects near-term growth in product sales through the introduction of its new products in new markets.