ICN Pharmaceuticals of Costa Mesa reported third-quarter net income of $3.7 million, compared to a net loss of $749,000 for the year-earlier period, on sales of $21.6 million, up 44%. For the nine months, the company reported net income of $7.3 million, compared to $1.8 million a year earlier, on sales of $69.5 million, up from $44.7 million.
Officials of the pharmaceuticals maker attributed the gain to increased sales, particularly of Virazole, an antiviral drug that the company makes. 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 of which will be used to acquire other pharmaceutical concerns, the company said.