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SAVIENT PHARM INC Message Board

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  • cmsailaway cmsailaway Feb 11, 2000 11:12 AM Flag

    Anyone else receive...

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

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

    ISELIN, N.J.--(BUSINESS
    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
    also
    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.
    The
    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
    activity;
    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
    due
    to litigation costs relating to the Company's
    patent suit against Genentech, Inc. (NYSE:DNA). On
    January 18, 2000, a Federal Court
    invalidated
    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
    for
    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
    sector."

 
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