Spain's Pharmafund Reports 15% Profits

Pharmafund, the first specialized Spanish investment company forpharmaceutical stocks around the world, has announced a 15% profit for the past year, according to Spanish newspaper Cinco Dias.

Launched by Gescapital, the fund invests 80% of its capital in several major drugs companies, including Glaxo Wellcome, Novartis and Roche, with the remainder of its portfolio being made up principally of currencies. Fund managers predict that the sector's profits will grow at a rate of 15% over the next five years, due to increased spending on pharmacutical products in emerging countries.

- Spanish pharmaceutical company FAES,which is quoted on the Madrid stock exchange, has reported net income of 1.5 billion pesetas ($9.7 million) for the first six months of 1997, up 30.4% on the same period of last year.