Health Brief -- CHIRON CORP.:
Profit Totals $12.7 Million, Reversing Year-Earlier Loss
Chiron Corp. posted first-quarter earnings of $12.7 million, or 29 cents a share, compared with a year-earlier loss of $385.8 million, or $9.64 a share. The biotechnology concern in Emeryville,
Calif., said last year's loss was due to charges Chiron incurred from the sale of a 49.9% stake to Ciba-Geigy Ltd., a big Swiss drug maker, and other acquisitions. Chiron said revenue rose 40%
to $305.8 million. The results, released after the market closed, exceeded analysts' mean expectations for earnings of 25 cents a share, according to First Call. In Nasdaq Stock Market trading, Chiron's shares closed at $96.375, down 37.5 cents.
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