ICN Pharmaceuticals Inc.: The Costa Mesa-based drug...

ICN Pharmaceuticals Inc.: The Costa Mesa-based drug maker said earnings fell 46% to $3 million in the second quarter. Sales were up 9% to $44.5 million. ICN said the unfavorable quarter-to-quarter comparison in net income resulted from debt repurchases and gains in the company’s investment portfolio in last year’s second quarter, as well as substantially higher research and development spending by Viratek Inc. in this year’s second quarter. It said both its pharmaceutical and biomedical operations registered solid gains in the quarter.