Hepatitis Drug Helps ICN Inch Past Income Projection
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Costa Mesa drug maker ICN Pharmaceuticals Inc., pulling in royalties from its treatment for hepatitis, posted strong earnings gains for the second quarter on record revenue.
Net income rose 20.5% to $31.1 million, or 38 cents a share, beating Wall Street estimates by 2 cents a share. A year ago, the company earned $25.8 million, or 32 cents a share.
Revenue rose 8% to $191.4 million, setting a new high for the second consecutive quarter.
Royalties from ribavirin helped boost revenue, the company said. Schering-Plough Corp. sells ribavirin along with its own drug, Intron A, in a combination known as Rebetron to treat the chronic liver disease hepatitis C. ICN receives royalties on Rebetron sales.
The results also reflect strong gains in ICN’s North American, Latin American and Western European businesses.
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