ICN Pharmaceuticals Inc.: The Costa Mesa drug...
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ICN Pharmaceuticals Inc.: The Costa Mesa drug manufacturer said sales and earnings increased to record levels in the third quarter.
Net income rose 66% to $34.6 million, or 79 cents a share, from $20.8 million, or 60 cents a share, for the 1996 third quarter. Sales climbed 12% to $177.4 million from $157.9 million.
ICN attributed the sales increase in part to its growth in Eastern Europe. Sales in that region grew to $99 million from $89 million a year earlier, reflecting sales growth in Russia and sales from a Hungarian operation acquired in the fourth quarter of 1996, ICN said.
Year-to-date net income increased 35% to $78.1 million, or $1.79 a share, from $57.7 million, or $1.67 a share, for the first three quarters last year. Sales were up 13% to $496.6 million from $439.8 million.
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