US Corporate Quarterly Results Round-Up

As the smaller, particularly biotechnology, US companies continue reporting quarterly results, improved revenues are evident. In the table below amounts are expressed in millions, except per share data.

Arris Pharmaceutical's first quarter for 1996 is the first full quarter that includes the integration of the operations and R&D programs of Kephri Pharmaceuticals, which was acquired by Arris at the end of 1995. John Walker, chief executive and president of Arris, said: "with our follow-on offering, Arris has significantly strengthened its financial position. The offering, which was completed prior to the end of the quarter, and the subsequent exercise of an over-allotment option by underwriters in April 1996, provides us with sufficient funds to cover our current and planned operations for the foreseeable future." The firm's revenues increased as a result of new collaborations.

US generics company Barr Laboratories posted financial results for the quarter and the nine-month reporting period ended March 31, 1996. Sales of the breast cancer treatment that Barr distributes, tamoxifen citrate, grew 25% in the third quarter. Net turnover of products manufactured by Barr increased 13%. The firm noted that higher volumes and lower discounts and allowances contributed to the results. R&D expenditure rose to over $3.5 million in the third quarter. The firm also spent $4 million on manufacturing expansion projects.