Net Income Surges At BioChem Pharma
Canadian firm BioChem Pharma has reported that its net income for thequarter ended March 31, amounted to C$12.6 million ($9.1 million) or 12 Canadian cents per share, compared to net income of C$1.4 million, and earnings per share of 1 Canadian cent in the like, year-earlier period.
The C$11.2 million improvement in net income was attributed to royalty revenues on worldwide sales of its flagship discovery product, Epivir/3TC (lamivudine), from Glaxo Wellcome. Total worldwide sales of Epivir/3TC in the first quarter of 1997 were C$187.4 million, compared with C$55.7 million in the 1996 first quarter, and C$172 million in the fourth quarter of 1996.
Operating income saw significant growth, up 36% to C$20.8 million, compared with the fourth quarter of 1996. R&D expenditure during the quarter amounted to C$7.6 million, up 10.1%.
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