Product Sales Up 40% At MGI Pharma

Revenues at MGI Pharma were $9.6 million in 1996, down 27.9%. However,the firm noted that product sales for the year were up 40% to $6.5 million as a result of 60% growth in the sales of Salagen (pilocarpine) tablets, which are used in the treatment of radiation-induced dry mouth in head and neck cancer patients. The net loss for the year was $6.6 million, or 50 cents per share, compared to a loss of $2.6 million, or 21 cents per share in 1995.

In the fourth quarter, MGI reported a net loss of $2.6 million, or 18 cents per share, compared with net income of $2 million, or 16 cents a share in the 1995 fourth quarter. Fourth-quarter revenues were $3 million, down from $7.1 million a year earlier. Product sales in the quarter were up 38% to $1.5 million due to a 48% increase in Salagen Tablets. Results in the quarter and the year were affected by costs of $1 million due to product acquisitions.