SPI Pharmaceuticals Posts Drop in Earnings

SPI Pharmaceuticals Inc., the Costa Mesa pharmaceuticals manufacturer, an operating unit of ICN Pharmaceuticals Inc., reported a third-quarter profit of $6.9 million, or 36 cents a share.

That was down 29% from a profit of $9.7 million, or 51 cents a share, for the same period a year earlier. Sales declined 26% to $70.2 million from $94.6 million. Profit for the year to date dropped 46% to $13.7 million, or 73 cents a share, from $25.6 million, or $1.35 a share, for the corresponding 1992 period. Nine-month sales fell 30% to $256.3 million from $366.6 million.