XOMA CASH POSITION AT 1988 YEAR-END IS $ 45 MIL., XOMEN-E5 PLA WILL BE SUBMITTED TO FDA " IN NEAR FUTURE," FIRM SAYS; ARES-SERONO 1988 DRUG SALES UP 26% TO $ 350 MIL.
Xoma finished 1988 with a balance sheet that included $ 45.3 mil. in cash and short term investments and stockholder equity of $ 29.5 mil. The biotech firm's recent operating results belie the company's strong financial position. In 1988, Xoma reported a net loss of $ 12 mil. on revenues of $ 5 mil. -- derived "primarily from contract research payments and license fees from Pfizer, Inc." The 1988 net loss was limited by over $ 4 mil. in interest income. Xoma spent $ 15.3 mil. on R&D in 1988, down slightly from the $ 15.6 mil. that went toward R&D in 1987. The company filed its first PLA in December for Xomazyme-H65 and plans to file for Xomen-E5 for use in septic shock "in the near future." Ares-Serono ethical drug sales increased 26.3% in 1988 to $ 353.2 mil. Diagnostic sales grew even faster, increasing 52% to $ 58.3 mil. The company noted, however, that OTC product sales in 1988 declined 7.3% to $ 8.9 mil. Overall revenues grew 28% to $ 420.5 mil. in 1988, generating a 37% increase in net income to $ 48 mil. Ares-Serono continued its program of increased capital spending in 1988 as overall investment totaled $ 77.6 mil., more than twice the $ 30.1 mil. spent in 1987. The firm is currently doubling the size of its Istituto di Recherche Biomediche in Ivrea, Italy and expanding Serono Labs' production capacities for genetically engineered products. Chart omitted.
You may also be interested in...
Newly released Medicare Part D data sheds light on the sales hit that branded pharmaceutical manufacturers will face when the coverage gap discount program gets under way in 2011
FDA appears headed for a showdown with clinicians and the pharmaceutical industry over the proposed new clinical trial endpoints for acute bacterial skin and skin structure infections, the guidance's approach for justifying a non-inferiority margin and proposed changes in the types of patients that should be enrolled in trials
Specialty drug maker Shire has quietly begun scouting deals with a brand-new $50 million venture fund, the latest of several in-house investment arms to launch with their parent company's pipelines, not profits, as the measure of their worth