Quarterly Results From Smaller US Drug Firms

Results were more or less in line with expectations for smaller US pharmaceutical companies, although some, such as Carter-Wallace, took special one-time charges.

Affymax entered into a collaborative agreement in the first quarter of 1994 with American Home Products; this primarily drove revenues in the second quarter. 500,000 shares of common stock were issued to AHP in the first quarter of 1994.

Carter-Wallace posted net earnings of $400,000 in the first quarter ended June 30, 1994, as opposed to a net loss in the like, year-earlier period. The company recently agreed, in conjunction with the US Food and Drug Administration, to the withdrawal of patients from treatment with its antiepileptic agent Felbatol (felbamate; Marketletter August 8). C-W said that due to substantial introductory spending levels and continued R&D, it incurred losses regarding the product since its introduction in August last year and for the first quarter.