Net Income Flat At ICN In 1st Qtr

ICN Pharmaceuticals of the USA has announced net income for the firstquarter of 1997 of $22.3 million, compared with $22 million for the year-earlier period. Earnings per share were 50 cents, down from 65 cents in 1996, reflecting the impact of lower sales of Virazole (ribavirin) in North America, and losses due to foreign exchange.

The firm's first-quarter sales were $159 million, up 15%. North American turn-over fell 28.3% to $22.3 million, reflecting the decline in revenues from Virazole. The product is still the only approved treatment for respiratory syncytial virus in the USA, other than antisense experimental molecules, which recent studies have shown may be more effective than Virazole (Marketletter April 21). Operating income in North America was $8.3 million, down 49.4%.

Eastern European Operations In Russia and Hungary, ICN's businesses performed well. Sales in Russia were $26.1 million, up 222.2%. Operating income was $6.7 million, compared with $3.1 million a year earlier. The acquisition of Alkaloida in Hungary contributed $15.1 million in turnover, and $3.1 million of operating profits, for the quarter.