Results US Biopharmaceutical Firms Progress In Second Quarter

US biopharmaceutical firms make up the majority of companies in the Marketletter's round-up of financial results this week.

- Argus Pharmaceuticals, which is expected soon to finalize its planned merger with two other biopharmaceutical companies, Triplex Pharmaceutical and Oncologix (Marketletter March 6), reported smaller losses in the 1995 second quarter and first six months than in the like, year-earlier period. The three-way merger is expected to be concluded in September, and Argus says that clinical development of its lead products will continue. The firm's main therapeutic areas are infectious diseases and cancer; it is developing with Genzyme a liposomal formulation of all-trans-retinoic acid TretinoinLF, for the treatment of Kaposi's sarcoma.

- Barr Laboratories reported record sales for the 1995 fiscal year. Sales growth of tamoxifen citrate, which Barr distributes, was a key driver, as well as volume growth in sales of Barr-manufactured products. Fiscal 1995 earnings reflect a write-off of deferred financing costs of $145,000 or $0.01 per share associated with the 10.05% convertible subordinated notes which were converted to common stock in February.