NEWS! CNTO beats Zack's fourth qtr estimates:
An excerpt:
Tuesday January 28 4:00 PM EDT
Centocor Reports Fourth Quarter and Full-Year 1996
Results
Sales Increase 103% over Full-Year 1995; Full Year Loss Per Share
Narrowed 81%; Earnings Per Share of $0.04 for Fourth Quarter 1996
MALVERN, Pa., Jan. 28 /PRNewswire/ -- Centocor Inc announced today its fourth quarter and
full-year financial results, for the period ending December 31, 1996. For full-year 1996, Centocor
achieved revenues of $135.5 million, and a loss of $12.8 million, or $0.19 per share. For full-year
1995, the company reported $78.9 million in revenue, and a loss of $57.1 million, or $0.98 per
share.
Fourth quarter revenues in 1996 were $43.8 million, compared to $15.0 million in the fourth
quarter of 1995. Earnings for the fourth quarter of 1996 were $0.04 per share, compared to a loss
of $0.33 per share for the year-ago quarter.
Cash balances at the end of the fourth quarter totaled $176.3 million, compared to $131.4 million at
the end of Q4 1995. Operational cash inflow was $2.1 million for the quarter, versus an outflow of
$14.4 million in the same period a year ago. Total operational cash usage for the year was $7.2
million, compared to $58.5 million in 1995.
Debt was reduced by $15.3 million in the fourth quarter. Debt balances at the end of the fourth
quarter totaled $61.7 million, compared to $257.4 million at the end of Q4 1995.
"Centocor reached its 1996 goal of profitability in the fourth quarter. We are now focused on
building upon this milestone in 1997 with solid, quarter-to-quarter earnings and increasing market
share of our products," said David P. Holveck, President and Chief Executive Officer.
Pharmaceutical Update:
ReoPro(R) (anti-platelet agent)
-- Q4 Centocor sales were $32.5 million to Eli Lilly and Co., the marketing partner for ReoPro. For
the full year 1996, sales to Lilly totaled $88.7 million. Lilly sales to customers were $50.8 million
in Q4, and $149.3 million for full-year 1996.
-- Regulatory label expansion filings for all PTCA and unstable angina are expected to be made
within four weeks in the U.S. and shortly thereafter in Europe.
-- The purchase option for the limited partnership interest in CPIII will be exercised this quarter.
CenTNF(TM) (anti inflammatory)
-- A pivotal clinical trial is underway in fistulizing Crohn's disease. Additional Phase III trials in
Crohn's disease and severe rheumatoid arthritis are planned for initiation in the second quarter. Data
from the Phase II Crohn's retreatment trial will be presented in May at the Digestive Diseases Week
Conference in Washington, D.C.
Diagnostic Update:
Myoscint(R) (imaging agent for detecting myocardial injury in patients with suspected myocardial
infarction)
-- Was launched in the U.S. at the American Heart Association conference in November as a
high-value diagnostic product.
Integrated Health Care Management
-- A key focus for 1997 is the identification of positive synergies with the Pharmaceutical Division
linking cardiovascular diagnostics with cardiovascular therapeutics.
Centocor is a biotechnology company that develops therapeutic and diagnostic human health care
products for cardiovascular, autoimmune and infectious diseases, and cancer. The Company
concentrates on research and development, manufacturing and market development, with a primary
technological focus on monoclonal antibodies, with additional programs in gene vaccines and
peptides.
Any statements released by Centocor that are forward looking are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that
forward looking statements involve risks and uncertainties which may affect the Company's
business and prospects, including economic, competitive, governmental, technological and other
factors discussed in the Company's filings with the Securities Exchange Commission.
More company information can be found on Centocor's homepage located at the following address -- centocor.com |
