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Biotech / Medical : Bio Technology General - BTGC

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To: Marshall Dix who wrote (99)	12/21/1996 12:39:00 PM
From: Lucretius	of 2028

Total revenues for 2nd qtr were 12,188M. However PRODUCT SALES were 11,618M for the same quarter. In the 3rd qtr, unaudited total rvenues were 12,129M and PRODUCT SALES were 10,182M. This 1.4M decrease in Product Sales is what concerns me. BTG made the $.01 increase in EPS through lower COGS and SG&A, and a 1M increase in contract fees, but the earnings increases should be coming from Oxandrin and Biotropin sales. I am currently holding my position in the stock and will be watching 4th qtr earnings very closely. If anyone has any insight into this disparity, please enlighten the rest of us. ---Lucretius

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