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Biotech / Medical : Biochem Pharma (BCHE) -- Ignore unavailable to you. Want to Upgrade?

To: richard who wrote (221)	1/29/1998 6:58:00 PM
From: Ted Downs	Read Replies (2) \| Respond to of 783

richard, Earnings look real good. LAVAL, Jan. 29 /CNW-PRN/ - BioChem Pharma Inc. (NASDAQ:BCHE; ME, TSE:BCH) today reported financial results for the fourth quarter and fiscal year ended December 31, 1997. All figures, unless specified otherwise, are in Canadian dollars. For the fourth quarter of 1997, the Company reported net income of $25.2 million or $0.23 per share, compared to net income of $19.9 million, or $0.18 per share, for the fourth quarter of 1996. For the year ending December 31, 1997, BioChem Pharma posted net income of $79.8 million, or $0.74 per share, an increase of 139%, compared to a net income of $33.4 million, or $0.31 per share, for 1996. Total revenue for the fourth quarter was $74.7 million, up 15% compared to $65.0 million for the same quarter in 1996. The continued growth of the company is largely attributable to the steady stream of royalty revenues received as 3TC(R)/Epivir(TM) worldwide sales continue to increase. For the fourth quarter of 1997 total worldwide sales of 3TC/Epivir were $271.5 million ($193.1 million US), compared to $172.0 million ($126.7 million US) for the same period last year and up from $247.5 million ($178.8 million US) for the third quarter of 1997. The royalty revenue on worldwide 3TC sales in the fourth quarter was $34.9 million, compared to $22.3 million for the year-earlier period and up 10% from $31.7 million in the third quarter of 1997. The Company's R&D expenditure for the fourth quarter was $11.3 million, a 14% increase over $9.9 million for the third quarter of 1997 and a 22% increase over $9.3 million for the fourth quarter last year. This increase is consistent with BioChem Pharma's commitment to move its research forward and to advance the clinical development of its product pipeline. ''We are very pleased with our fourth quarter and year-end financial results as they establish BioChem Pharma as one of the most successful growth stories in the biopharmaceutical industry,'' said Dr. Francesco Bellini, President and CEO of BioChem Pharma. ''We have exceeded our 1997 corporate objective and believe that this growth trend will continue, fuelled by the advancement of our therapeutic and vaccine product candidates through our development pipeline, worldwide filings by Glaxo Wellcome seeking approvals of lamivudine for the treatment of chronic hepatitis B and ongoing royalties from sales of 3TC/Epivir worldwide.'' Total revenue for the year was $280.8 million, up 20% compared to $233.6 million for 1996. Royalty revenue increased to $124.1 million for 1997, up 117% from $57.1 million in 1996. Thus, sales of 3TC/Epivir by the licensee, Glaxo Wellcome, continued to grow in 1997 with worldwide sales totaling $973.3 million ($703.0 million US), compared to $429.3 million ($314.8 million US) for the year ended December 31, 1996. As of December 31, 1997, the Company posted total assets of $655.3 million, compared to $572.3 million the year earlier. Working capital amounted to $365.3 million as of December 31, 1997, compared to $362.7 million the previous year. The Company ended fiscal year 1997 with shareholders' equity of $498.1 million, on consolidated assets of $655.3 million, representing a capitalization rate of 76%. 3TC/Epivir was discovered by BioChem Pharma. Under the terms of a license agreement between BioChem Pharma and Glaxo Wellcome, BioChem Pharma receives royalties based on sales of 3TC. Under the agreement, Glaxo Wellcome has the right to develop, manufacture and sell 3TC worldwide, subject to special arrangements for Canada, where BioChem and Glaxo Wellcome have formed a partnership which commercializes 3TC. BioChem Pharma is an international biopharmaceutical company dedicated to the research, development and commercialization of innovative products for the prevention, detection, and treatment of human diseases.