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ORANGE COUNTY EARNINGS

May 14, 1994

ICN Pharmaceuticals Inc.: The Costa Mesa pharmaceutical company reported a net loss of $4.5 million, or 22 cents a share, for the first quarter of 1994, contrasted with a profit of $1.1 million, or 6 cents a share, for the 1993 first quarter. The company said results were affected by $1.9 million in non-cash currency translation and exchange losses and $1.2 million in legal fees, including costs associated with a proxy fight. Sales increased 4%, to $17.2 million from $16.6 million.

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