Product Sales Drive Revenues Increase At Sequus In 1st Qtr

An increase of 85% in total revenues to $8.3 million was reported bySequus Pharmaceuticals in the first quarter of 1997. The firm said that the increase was driven by a 46% rise in product sales to $6.5 million in the quarter as a result of higher sales of Doxil (pegylated doxorubicin), its anticancer therapy. Record payments from the company's distribution partner, Schering-Plough, also contributed $1.8 million to the revenues rise.

The combined revenues of Doxil and Sequus' treatment for systemic fungal infections, Amphotec (amphotericin B colloidal dispersion for injection), were below analysts' expectations. Sequus said that this was due to a slower-than-expected launch of Amphotec. Craig Henderson, chairman and chief executive at Sequus, said that commitments to buy Amphotec by hospital and group purchasing organizations "have not rapidly translated into orders because of product already in inventory." He expects this to change over the next two quarters.

The firm made a net loss of $7.5 million, or 25 cents per share, compared with $5.7 million, or 21 cents per share a year earlier.