INC Pharmaceuticals Reports $1.5-Million Second-Quarter Loss

ICN Pharmaceuticals on Tuesday reported a loss of $1.5 million for its second quarter despite a 51% increase in revenue, to $63.7 million.

In the comparable quarter a year ago, the drug-distribution and biomedical research firm recorded earnings of $3 million on revenues of $44.5 million.

The company attributed the loss to a $2.5-million currency loss on its foreign-denominated debt and higher selling and administrative expenses. In addition, the firm’s Viratek subsidiary, which has abandoned efforts to gain regulatory approval to market its ribavirin drug for treatment of AIDS in the United States but is pursuing approval in other countries, lost $1.7 million in the quarter.

ICN attributed the increase in revenue largely to its acquisition of Flow Laboratories late last year. Flow was credited with increasing international sales by ICN’s 89%-owned SPI Pharmaceuticals unit from $1.7 million to $20.8 million.

An ICN spokesman also said the ICN Biomedicals subsidiary had benefited from strong sales in Mexico and Spain.