Pronova almost flat on varying production
Lysaker, Norway-based Pronova BioPharma has reported a slight increase in revenue and a small decrease in income during the first quarter of 2008, due to its planned variance in produced volumes.
The firm posted net profit of 43.4 million Norwegian kroner ($8.6 million), down 2% on the year-before period. This gave the firm earnings per share of 0.14 kroner, down 12% on the figure from the first quarter of 2007. The company said this was due to previously-announced fluctuations in production as well as maintenance and upgrade costs for its Sandlefjord plant.
Revenue was up 2.8% to 258.9 kroner, driven by increased US marketing of Lovaza (Omacor; omega-3 acids) by partner, UK drug major GlaxoSmithKline.
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