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Savient Pharmaceuticals, Inc. Message Board

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  • cmsailaway cmsailaway Feb 11, 2000 2:37 AM Flag

    Anyone else receive...

    I spoke with BTGC on the ninth and tenth. Said
    the auditors were just finishing up on 2/9. Today,
    (2/10) I was told the earings report will be out within
    the next few days. Possibly as early as Friday. Best
    to all!!

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    • Bio-Technology General Corp. Reports 1999
      Earnings Results -- In Line With Previously Announced
      Anticipated Earnings

      BusinessWire, Friday, February
      11, 2000 at 11:00

      WIRE)--Feb. 11, 2000--Bio-Technology General Corp.
      (NASDAQ:BTGC) today announced its earnings
      and financial
      results for 1999. In line with the Company's previously
      announced anticipated earnings, EPS for 1999 was $0.26. As
      reported earlier, the Company's earnings for 1999
      were impacted by a significant reduction in
      Oxandrin(R) inventory by Olsten Health
      Services, Inc.,
      the Company's distributor for the product. This
      resulted in net income of $13.9 million, or $0.26 per
      share in 1999, compared
      to $17.7 million, or $0.36
      per share in 1998. Diluted shares used in computation
      were 54.2 million in 1999, vs. 49.8 million the
      previous year.
      Total revenues grew 11% to $85.3
      million in 1999 compared to $76.9 million in 1998.
      Revenues from product sales were $62.3
      million in 1999
      compared to $68.2 million in 1998, and revenues from
      contract fees were $14.8 million compared to $2.7 million.
      significant increase in contract fees relates
      primarily to the initial $10 million fee from Teva
      Pharmaceutical Industries Ltd., with whom BTG
      entered into a
      key strategic alliance in September 1999.

      Expenses increased 28% from $52.1 million in 1998 to $66.6
      million in 1999. The most significant increases in
      expenses were
      recorded in R&D, G&A, marketing and
      sales, and commissions and royalties. These increases
      relate primarily to: product formulation
      legal fees, an increase in salary expenses, and the
      write-off of previously capitalized expenses relating to
      the development of
      Androtab-SL(R); promotion of
      marketed products; and payments to licensors,
      respectively. The legal expenses incurred were in large part
      to litigation costs relating to the Company's
      patent suit against Genentech, Inc. (NYSE:DNA). On
      January 18, 2000, a Federal Court
      Genentech's U.S. Patent No. 4,601,980 relating to a method
      for producing recombinant human growth hormone. As a
      result, the
      preliminary injunction that prohibited
      the commercial introduction in the United States of
      the Company's recombinant human growth hormone,

      Bio-Tropin(TM)was vacated.
      In commenting on the 1999 results,
      Sim Fass, Chairman and Chief Executive Officer of
      Bio-Technology General Corp., stated:
      "1999 results
      essentially reflect the impact of a previously announced
      inventory adjustment situation. With Oxandrin prescriptions
      up by 27%
      in 1999 compared to 1998, and end user
      sales up by 25%, our Oxandrin business continued to
      demonstrate robust year to year growth in
      1999. This
      should positively impact Oxandrin sales to our
      distributor in 2000 as the absorption of the excess inventory
      is completed, and the
      Company's sales to Olsten
      start to reflect end user sales. Moreover, we
      anticipate further development of the commercial potential
      Oxandrin to be accomplished by an increase in the
      size of the Company's sales force and expansion of
      sales activity into the wound care

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