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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.

Executive Summary

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.

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