ICN Pharmaceuticals Inc. said third quarter net income jumped to $3.7 million, from a net loss of $749,000 in the comparable period a year earlier.
Company officials attributed the gain to increased sales, particularly of Virazole, an antiviral drug the company makes.
The Costa Mesa-based pharmaceutical maker said sales for the quarter totaled $21.6 million, a 44% gain from sales of $15 million for the same period a year ago.
For the nine months, the company reported net income of $7.3 million compared to net income of $1.8 million for the comparable period the prior year. Nine-month sales totaled $69.5 million, compared to $44.7 million a year ago.
Virazole is being tested as a possible medication for pre-AIDS patients, those who have been diagnosed as carrying acquired immune deficiency syndrome but have not yet developed the disease.
As reported, the company recently raised $92.7 million through two bond offerings in Europe. Proceeds will be used for the acquisition of other pharmaceutical concerns, the company said.