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July 29, 1998|Bloomberg News

- Chiron Corp. said profit fell 27% in the second quarter, coming in at about half of analysts' forecasts, as it prepares to spin off its diagnostics business and focus on developing drugs. Emeryville-based Chiron, the world's fourth-largest biotechnology company by market value, said profit from continuing operations was $11 million, or 6 cents a diluted share, before one-time items, down from $15 million, or 8 cents, a year earlier. Chiron was expected to earn 12 cents a share. The results were not in line with forecasts, in part because Chiron doesn't give analysts quarterly guidance on earnings projections.

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