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Second quarter pro forma results: $0.29 per share.(Brief Article)
2002 SEP 11 - (NewsRx.com & NewsRx.net) -- Chiron Corporation (CHIR) reported pro forma net income from continuing operations of $56 million or $0.29 per share for the second quarter of 2002, compared with $40 million, or $0.21 per share, in the second quarter of 2001.
Pro forma results for the second quarter of 2002 exclude special items relating to the acquisitions of PathoGenesis Corporation and Chiron Behring, and discontinued operations. On an as-reported basis, Chiron's net income from continuing operations was $50 million, or $0.26 per share, for the second quarter of 2002, compared with $34 million, or $0.17 per share, for the second quarter of 2001.
"Chiron delivered high-quality earnings this quarter, with strong revenue and product sale growth," said Sean Lance, Chiron's chairman and CEO. "Each of our three business units performed well, which highlights the value of our diverse business model and its ability to deliver shareholder value consistently, even in a difficult market environment. At the same time, we continue to build our portfolio for long-term growth."
Total revenues in the second quarter of 2002 were $299 million, compared with $261 million in the second quarter of 2001. Net product sales in the second quarter of 2002 increased 21% to $211 million from $174 million in the second quarter of 2001. All other revenue in the second quarter of 2002 was essentially unchanged at $88 million compared with $87 million in the second quarter of 2001.
The biopharmaceuticals division reported total net product sales and Betaferon royalties of $115 million in the second quarter of 2002, compared with $95 million in the second quarter of 2001. The gross profit margin on biopharmaceutical products sold during the second quarter of 2002 was 72%, up from 68% in the second quarter of 2001.
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