Profits Soar At BioChem Pharma

Canadian drug company BioChem Pharma has announced a rise in net profitsin the first quarter of 1997 to C$12.6 million ($9 million) from C$1.4 million a year earlier. Earnings per share were 12 cents, compared to one cent in 1996. Profits were driven by increased royalty revenues for the firm's anti-HIV agent Epivir/3TC (lamivudine) from Glaxo Wellcome, which licenses the product.

Operating income for the quarter advanced 36% to C$20.8 million, compared with the fourth quarter of 1996. Revenues were C$63.3 million, up 24.3% on the like, year-earlier period. Royalties represented C$24.6 million of this total. The company's net income includes a loss of C$5.3 million, or five cents per share, in relation to an affiliated company, North American Vaccine.

Lamivudine Driving Results Francesco Bellini, president and chief executive of BioChem Pharma, said: "we are pleased by the significant increase in operating income again this quarter. These results again confirm the important role of 3TC/Epivir as the worldwide cornerstone of HIV/AIDS combination therapy and show that BioChem is on track for another successful year."