ICN Posts Loss on Charges to Consolidate
ICN Pharmaceuticals Inc. on Thursday reported a fourth-quarter loss versus a year-earlier profit as it took charges to consolidate after years of geographic expansion spearheaded by retired founder Milan Panic.
ICN, based in Costa Mesa, had a loss of $100.7 million, or $1.20 a share, compared with a profit of $33.5 million, or 40 cents a share, a year ago.
Excluding one-time items, ICN reported a profit of 11 cents a share for the latest quarter. Wall Street analysts on average had expected a profit of 10 cents, according to Thomson First Call.
Revenue rose nearly 3% to $199.6 million on increased royalties from higher sales of its hepatitis C drugs.
ICN a year ago partially spun off Ribapharm Inc. in an initial public offering. Ribapharm makes ribavirin, an antiviral drug sold by Schering-Plough Corp. as part of its combination treatment for hepatitis C.
ICN said it expects to earn $1.20 to $1.25 a share for 2003. Analysts on average expect $1.10.
On Thursday, shares of ICN fell 7 cents to $9.31 on the New York Stock Exchange.
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