EATONTOWN, N.J., July 21 /PRNewswire/ -- Roberts Pharmaceutical
Corporation (Amex: RPC) today reported per share earnings of $0.15 for the
second-quarter ended June 30, 1998, exceeding the First Call estimate range of
$0.08 to $0.09 and substantially ahead of the $0.04 reported for the
comparable period of 1997.
Roberts said the improvement in quarterly profits primarily reflected the
strength of its pharmaceutical operations which contributed $0.11 per share to
second-quarter 1998 earnings with an another $0.04 attributed to a gain on the
sale of VRG International.
As previously announced, Roberts sold its VRG subsidiary, a contract
research business, during the second-quarter of this year as part of an
ongoing strategy to focus resources on core pharmaceutical operations and
products.
Revenues from operations in the second-quarter of 1998 amounted to
$44.4 million, a 47% advance from $30.3 million in the comparable period of
1997.
Second-quarter 1998 revenues benefited from strong year-to-year advances
in the sales of Roberts' newer pipeline drugs ProAmatine(R) and Agrylin(TM),
plus double digit growth in older product brands such as Colace(R), as well as
from the recent acquisition of Pentasa(R), a treatment for ulcerative colitis
which Roberts acquired and began marketing in the U.S. during the second-
quarter of this year.
Roberts said sales of Pentasa in the second-quarter of 1998 exceeded
$10 million, principally due to a strong prescription performance with sales
further bolstered by pricing actions taken late in the quarter. Based on
early indications, Roberts reiterated its expectations of $40 million or more
for the first twelve-months of its Pentasa sales.
Supported by a product mix of generally higher margin sales, gross profits
for the three-months ended June 30, 1998 increased to $28.7 million from
$17.3 million in the similar period of 1997, representing an improvement in
the quarterly gross profit margin to 64.6% from 57.1%.
Second-quarter 1998 R&D investments nearly doubled to $3.5 million from
$1.8 million a year earlier. Despite the higher commitment to R&D, overall
improvements in the Company's operating efficiencies contributed to a six-fold
increase in operating income to $4.8 million in the quarter ended June 30,
1998 from $0.8 million in the comparable period of 1997.
Net income from continuing operations increased 162% to $3.4 million in
the second-quarter of 1998 from $1.3 million in the comparable period of 1997.
After including the gain on the sale of VRG, second-quarter 1998 net income
was reported at $4.7 million or $0.15 per share compared to the $1.3 million
or $0.04 per share reported for the same quarter a year earlier.
For the six-month period ended June 30, 1998, revenues from operations
increased 36% to $77.2 million from $56.6 million in the comparable period of
1997.
Six-month 1998 sales of Agrylin and ProAmatine -- internally developed
drugs which Roberts began commercializing in the first-half of 1997 --
advanced, respectively, by approximately 60% and 200% year-over-year.
Together, these products accounted for nearly 20% of revenues in the six-month
period ended June 30, 1998. Revenues during this period were also enhanced by
the addition of Pentasa to the Company's portfolio of marketed products in the
second-quarter of the year.
Gross profit margins improved to 63.3% for first six-months of 1998 from
56.5% in the comparable period of 1997. During the six-months ended June 30,
1998 and in comparison to the first six-months of 1997, operating income
expanded sharply to $7.3 million from $1.3 million and net income from
operations advanced to $5.5 million from $2.2 million with a corresponding
increase in per share earnings to $0.18 from $0.06.
Including the second-quarter 1998 gain on the sale of VRG, per share
earnings were $0.22 in the first-half of 1998 compared to $0.06 in the first-
half of 1997.
Roberts Pharmaceutical Corporation, with operating subsidiaries in the
United States, Canada and the United Kingdom, is a fully integrated
pharmaceutical company. Roberts focuses on licensing, acquiring, developing
and commercializing innovative and value-added pharmaceuticals for both niche
and large pharmaceutical markets, with the Company having strategic interests
in the therapeutic categories of gastroenterology, cardiology,
oncology/hematology, and urology.
This and past press releases of Roberts Pharmaceutical Corporation are
available through PR Newswire's Company News On Call fax service at
800-758 5804, extension 760975 and through the internet at
http://www.prnewswire.com as well as the Company's home page at
http://www.robertspharm.com.
This release contains forward looking statements which are based on
assumptions and external factors, including assumptions relating to, but not
limited to regulatory action, product pricing, competitive market conditions,
financial data, new product development and other risks or uncertainties
detailed from time to time in Roberts filings with the Securities and Exchange
Commission. These forward-looking statements represent the Company's judgment
as of the date of this release and any changes in the assumptions or external
factors could produce significantly different results.
ROBERTS PHARMACEUTICAL CORPORATION
FINANCIAL HIGHLIGHTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
For the six months For the three months
ended June 30, ended June 30,
1998 1997 1998 1997
Total Revenues $77.2 $56.6 $44.4 $30.3
Gross profit 48.9 32.0 28.7 17.3
Operating expenses 41.6 30.7 23.7 16.5
Operating income (loss) 7.3 1.3 4.8 0.8
Other income
(expenses), net 1.8 2.1 0.9 1.3
Income (loss)
before taxes 9.1 3.4 5.7 2.1
Provision (benefit)
for taxes 3.6 1.2 2.3 0.8
Net income:
Continuing operations 5.5 2.2 3.4 1.3
Discontinued operations 1.3 0.0 1.3 0.0
Net income (loss) $6.8 $2.2 $4.7 $1.3
Per share net income
(loss):
Continuing operations $0.18 $0.06 $0.11 $0.04
Discontinued operations $0.04 $0.00 $0.04 $0.00
Net per share income $0.22 $0.06 $0.15 $0.04
Weighted average number
of common shares and
equivalents (000's) 30,342 28,886 31,351 28,616
SOURCE Roberts Pharmaceutical Corporation
 back to top
Related links:
http://www.robertspharm.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 760975
CONTACT:
Stuart Z. Levine, Ph.D., Director of
Investors Relations, of Roberts Pharmaceutical Corporation,
732-676-1200, ext. 3064
|
