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SAVIENT PHARM INC Message Board

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  • SCHWED97 SCHWED97 Feb 11, 2000 8:11 AM Flag

    Anyone else receive...

    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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    • I recall that announcement too. I'm just waiting
      for earning release to get over with and beyond so we
      can go forward again. Possibly sell if this piece of
      s----t stock that's held me captive at 16 1/4 for 3
      years ever climbs even a dollar over that. I want out.
      What a waste of 3 years opportunity elsewhere!

      • 1 Reply to kg2931
      • < Possibly sell if this piece of s----t stock
        that's held me captive at 16 1/4 for 3 years
        >

        not to second guess you but if you held this through
        the bad times why wouldn't you have doubled your
        position at $4-5 range it hit back in the summer of 1998
        ... or even as it based around $6 for quite a while
        ... i mean if you actually believed in the company.
        you'd have a cost basis of $10-11 now and be looking at
        a 50% return. i see so many people who wait to
        break even or make a couple bucks and then sell ... the
        need to be right it seems ... emotions cost people so
        much money ...

 
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