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SAVIENT PHARM INC Message Board

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  • Isnuffy Isnuffy Feb 11, 2000 6:57 AM Flag

    Anyone else receive...

    Is this something you ordered, or was it
    delivered via BTGC? If the latter, I'm a street-name
    shareholder, so it sometimes takes a while to get things
    forwarded via my broker.

    If the former, I'd be
    interested in any synopsis you may care to post, or if you
    think it's really worthwhile, I might want to order it
    myself.

    Thanks

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    • This isthe story that appeared in late December
      1999. It clearly states the 4th quarter will be a loss.
      Total earnings for year around 26 cents a share.
      Already earned about 29. Therefore a loss of a few cents
      in the cards for the 4th quarter.


      ISELIN,
      N.J.--(BUSINESS WIRE)--Dec. 29, 1999--Bio-Technology General
      Corp.
      (NASDAQ:BTGC - news) today commented that it anticipates full
      year 1999 revenues of
      approximately $84 million
      compared to $77 million in 1998. Despite the growth in
      revenues,
      earnings for the year are expected to be between $0.08 and
      $0.11 lower than the 1998 EPS of
      $0.36. The
      Company's revenue growth and EPS were adversely impacted by
      the previously
      announced reduction of Oxandrin�
      inventory, amounting to more than $15 million, by
      the
      Company's distributor for the product, Olsten Health
      Services, Inc. Additional contract revenues
      from new
      strategic alliances anticipated to be concluded by the end
      of the fourth quarter were
      expected to cover much
      of the Oxandrin inventory-related shortfall. While
      not yet concluded, the
      Company is continuing to
      pursue these new relationships.

      In commenting on
      the anticipated results, Sim Fass, Chairman and CEO
      of Bio-Technology General
      Corp., stated: ``The
      1999 results essentially reflect the impact of what we
      believe to be a temporary
      inventory adjustment
      situation. With Oxandrin prescriptions up by 28% in the
      first eleven months of
      1999 compared to the first
      eleven months of 1998, and end user sales for the full
      year 1999
      expected to be up by 24%, our Oxandrin
      business continues to demonstrate robust growth.
      This
      should translate into a significant increase in Oxandrin
      sales to our distributor in 2000 as both
      the
      absorption of the excess inventory is completed, and sales
      to Olsten fully reflect the growing 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.''

      Dr. Fass added: ``Several new
      key strategic alliances, some of which were expected
      to generate
      contract revenues in the fourth
      quarter of 1999, are in the process of advanced
      negotiations. We
      look forward to their consummation in 2000,
      and we remain very confident that 2000 will be
      a
      record year for BTG in terms of revenues, product sales,
      and earnings. We have every expectation
      that, with
      the inventory reduction completed and the current
      growth rate of our product sales, we will
      be able to
      deliver on our commitment of accelerated growth in
      2000.''

      Bio-Technology General Corp., a leading
      biopharmaceutical company, develops, manufactures and
      markets
      genetically engineered and other products for human health
      care. The Company's products
      are marketed in over
      thirty countries worldwide.

      Statements in this
      news release concerning the Company's business outlook
      or future economic
      performance, anticipated
      profitability, revenues, expenses or other financial items; and
      statements
      concerning assumptions made or expectations as to any future
      events, conditions, performance or
      other matters, are
      ``forward-looking statements'' as that term is defined under the
      Federal Securities
      Laws. Forward-looking statements
      are subject to risks, uncertainties and other factors
      which could
      cause actual results to differ
      materially from those stated in such statements. Such risks,
      uncertainties
      and factors include, but are not limited to, changes
      and delays in product development plans
      and
      schedules, customer acceptance of new products, changes in
      pricing or other actions by
      competitors, patents owned
      by the Company and its competitors, and general
      economic conditions,
      as well as other risks detailed in
      the Company's filings with the Securities and
      Exchange Commission.

 
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