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BIOCRAFT AMILORIDE/HYDROCHLOROTHIAZIDE LAUNCH BOOSTS SALES AND EARNINGS "SIGNIFICANTLY"; CEFADROXIL ADDS TO NEARLY 50% SALES HIKE IN SECOND QUARTER

Executive Summary

Biocraft Labs sales jumped 49.2% to $ 28.2 mil. in the second quarter of fiscal 1990 and 44.7% to $ 52.2 mil. for the first half (ended Sept. 30), the company reported Nov. 9. "As expected, sales and earnings benefited significantly from initial sales" of amiloride/hydrochlorothiazide "as well as [from] continued sales of cefadroxil," President Harold Snyder said. Net earnings for the quarter were $ 4.7 mil., more than 200% higher than in the comparable quarter of fiscal 1989. Income for six months was also more than 200% greater, at $ 8.3 mil. Biocraft launched its generic version of Merck's Moduretic potassium-conserving agent/diuretic combination in July. The company received six months of exclusivity in May when an appellate court ruled that Merck's patent on the drug was invalid ("The Pink Sheet" May 15, T&G-9). The firm began selling generic cefadroxil in mid-March along with Purepac following two favorable court rulings against patent holder Bristol-Myers ("The Pink Sheet" March 13, p. 15). * Elan reported a 104% leap in second quarter revenues to $ 11.6 mil. (IR(BRITISH POUND)8.2 mil.), while net profits grew 60% to $ 967,000 (IR(BRITISH POUND)679,000). For the six months ended Sept. 30, revenues grew 144% to $ 23.6 mil. (IR(BRITISH POUND)16.6 mil.), generating a net profit of $ 1.9 mil. (IR(BRITISH POUND)1.3 mil.). Elan attributed its performance to "the introduction and marketing in the U.S. of Cardizem SR by Marion Labs, increased licensing income, and a substantial increase in revenues from the inclusion of O'Brien/KMI," which was acquired last March 17. Elan said it anticipates that O'Brien/KMI "will be making profits by the end of this fiscal year." Chart omitted.

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