ICN Pharmaceuticals Reports Record Earnings, Sales

Drug manufacturer ICN Pharmaceuticals Inc. reported record earnings and sales for the fourth quarter and year.

Net income for the quarter totaled $36 million, or 49 cents a share, 23% higher than the $29.2 million, or 46 cents a share, posted a year ago. Sales grew 47% to $255.6 million from $174.3 million.

For the year, net income advanced 31% to $113.9 million, or $1.69 a share, from $86.9 million, or $1.51 a share, for 1996. Sales rose 18% to $725.2 million from $614.1 million.

The company said 1997 earnings were affected by a $12 million charge related to a legal settlement and an increase in noncash expenses of $10.5 million.