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ALLERGAN SALES UP 11% IN FIRST HALF; BIOCRAFT CITES CEFADROXIL SALES CONTRIBUTION

Executive Summary

Allergan Pharmaceuticals' sales grew 17% in the first half of 1989 to $ 107.1 mil., according to the ophthalmic and skin care company's first sales and earnings report since being spun off by SmithKline as part of its merger agreement with Beecham. In the second quarter, Allergan Pharmaceuticals' revenues slowed slightly from the first quarter, increasing 15.2% to $ 55.2 mil. Sales from Allergan's Herbert Labs dermatology product business grew 22% in the first half of 1989 to $ 13.7 mil., including a 30% sales increase in the second quarter to $ 8.3 mil. Overall, Allergan sales increased 11% to $ 389 mil. during the first half and 13.8% to $ 210.4 mil. in the second quarter. Net earnings for the first half were up 24% to $ 40.8 mil. Second quarter earnings, however, were relatively flat -- up 6.8% to $ 23.5 mil. -- due to "interest expense, exchange losses and other non-operating expenses." Biocraft reported a 40% sales increase during fiscal first quarter ended June 30 to $ 24 mil. and a 308% jump in net earnings to $ 3.6 mil. "As expected, sales of cefadroxil monohydrate continue to make a substantial contribution to sales and earnings," the generic firm said. "Although initial sales of amiloride HCl with hydrochlorothiazide did not commence until the second quarter, first quarter financial results show a vast improvement over last year." Chart omitted.
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