Zeev....I like IVX 17.98 +.41 here, believing it will break over 18 resistance this round. This Q report is from Feb. but I like what I see: Wednesday February 13, 6:01 am Eastern Time
Press Release
SOURCE: IVAX Corporation
IVAX Achieves Record Earnings in 2001
FY2001 EPS Up 86% to $1.19 Per Share - Net Revenue Up 53% to $1.2 Billion
MIAMI--(BUSINESS WIRE)--Feb. 13, 2002--IVAX Corporation (AMEX:IVX - news; LSE:IVX.L) today reported an 86% increase in net income to $243 million, or $1.19 per share, for the year ended December 31, 2001 from net income of $131 million, or $.64 per share, reported a year ago. Net income for the fourth quarter of 2001 was $53.8 million, or $.27 per share, versus net income of $49.7 million, or $.24 per share, for the same quarter of last year.
Net revenue for 2001 increased by 53% to $1.2 billion compared to net revenue of $793 million in 2000. Fourth quarter net revenue rose by 36% to $330 million compared to net revenue of $243 million in the fourth quarter of last year.
``Our continued growth during the past year underscores IVAX' strategy of product and geographic diversification that provides multiple revenue sources and income streams. Revenue gains in 2001 were driven by strong worldwide sales of the company's brand and brand equivalent (generic) pharmaceutical products, including U.S. sales of generic paclitaxel and global sales of the company's respiratory products, as well as contributions from acquisitions made over the past year. On a geographic basis, net revenue for the year increased 74% in North America, 10% in Europe and 253% in Latin America over the prior year. International sales were approximately 54% of our net revenue for the year; Argentina represented less than 2.3% of our net revenue. Looking ahead, we anticipate that our branded drug business will grow rapidly upon commercialization of new drugs in our proprietary pipeline while our brand equivalent business will also benefit from a strong pipeline and greater demand due to demographic and market factors. Furthermore, we will continue to make strategic acquisitions of companies, products and technologies as opportunities present themselves,'' said Phillip Frost, M.D., chairman and chief executive officer of IVAX Corporation.
Neil Flanzraich, vice chairman and president of IVAX Corporation said, ``This was another successful year for IVAX. Our gross profit for 2001 rose 64% to $630 million while our gross margin improved to 52% compared to 48% a year ago. Our substantial growth in income was achieved despite a 32% increase in research and development spending, which totaled $86 million for the year.''
Mr. Flanzraich added that ``IVAX' worldwide respiratory product sales grew substantially in 2001 compared to $140 million in 2000.'' He also reiterated that ``IVAX' generic paclitaxel product, ONXOL(TM), is on the market to stay. It is the dominant generic paclitaxel product in the U.S. with approximately 95% share of the generic segment and about 40% share of the entire U.S. paclitaxel market. The future of ONXOL was secured last month following our successful invalidation of the American BioScience, Inc. patent claims and the subsequent delisting of this patent from the FDA's Orange Book, which then enabled the FDA to renew approval of our ANDAs without any interruption in the marketing of our product.''
Mr. Flanzraich summarized IVAX' achievements over the past year, ``We continued to develop key drugs in our proprietary and brand equivalent pipelines. In advanced stages of clinical trials are our oral formulation of paclitaxel for lung, breast and stomach cancer. The immunotoxin, TP-38, for brain cancer continues to show great promise. Various asthma drugs in our patented inhalers and drugs to treat multiple sclerosis, epilepsy and Parkinson's disease are also in the clinical stages of development as are drugs to treat regional ileitis and colitis. A unique, patented, new drug for hormone replacement therapy appears to have important potential and is also in human trials.''
``We filed 12 Abbreviated New Drug Applications (ANDAs) and received eight brand equivalent drug approvals and one tentative approval in 2001. So far in 2002, we have filed four ANDAs and received three generic approvals giving us a current pipeline of 38 ANDAs and three tentative approvals pending with the FDA,'' Mr. Flanzraich added.
``We also completed strategic acquisitions of pharmaceutical companies in Mexico and Chile, and two currently marketed branded respiratory products for the U.S. market. To market these and other proprietary products, we are increasing our IVAX Laboratories sales force,'' said Mr. Flanzraich.
IVAX continues to repurchase its shares. More than 8.6 million of the 12.5 million shares authorized under the current repurchase program have been repurchased at prices ranging from $17.74 to $35.05 per share. Since February 1998, IVAX has repurchased more than 49.9 million of its shares. At January 31, 2002, the company had approximately 196.4 million shares outstanding.
IVAX Corporation, headquartered in Miami, Florida, is engaged in the research, development, manufacturing, and marketing of branded and brand equivalent (generic) pharmaceuticals and veterinary products in the U.S. and international markets.
Copies of this and other news releases may be obtained free of charge from IVAX' web site at ivax.com. Shareholders and prospective investors can register to automatically receive the company's press releases via email at ivax.com.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, regarding, among other things, statements relating to goals, plans and projections regarding the company's financial position, results of operations, market position, product development and business strategy, etc. etc.....see PR for all of this...tuna |
