US Quarterly Financial Results Round-Up

4 May 1997

- Alza Corp has said that royalty fees and other revenues in the 1997first quarter were $44 million, up 15.9%, and include an upfront payment from Knoll AG of Germany in connection with the agreement for continued development and worldwide commercialization of OROS hydromorphone for the once-daily relief of chronic pain (Marketletter February 24). R&D revenues increased 13.3% to $34 million. R&D expenditure was $35 million, up 12.9%.

- Centocor turned losses in the 1996 first quarter into profits in the first three months of the current year. David Holveck, president and chief executive at the firm, said: "clearly, these results, combined with our recent regulatory filings and clinical findings relating to cA2, represent a strong start for 1997. More importantly, they demonstrate our ability to manage for profitability while investing aggressively in the future growth of our business." Sales to Centocor's marketing partner, Eli Lilly (see page 6), were $35.5 million, up from $9.9 million a year earlier. Centocor recently published positive results of a pivotal trial of cA2, or infliximab, in fistulizing patients with Crohn's disease (Marketletter April 14). The firm said that retreatment data for patients with moderate to severe Crohn's disease will be presented at Digestive Disease Week, in Washington DC on May 10-14.

- While product sales from Chiron's business units were up 5% to $251.1 million in the 1997 first quarter, operational income grew 25%, primarily because of a significant rise in sales fee income from turnover of Aredia (pamidronate disodium), improved performance from Chiron's joint blood screening business, and increased royalties. Unfavorable currency rates reduced product turnover by $10 million. Without the impact of foreign currency, product sales growth would have been 9%. Chiron diagnostics' turnover was $149 million, up 9.5%, Chiron Vision's product revenues grew 12% to $50.3 million, and Chiron Therapeutics' sales of oncology products in the USA and Europe advanced 1.7% to $18.7 million. Sales of Proleukin (aldesleukin) increased 19% in the first quarter.

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