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Sicor Reports Big Gains, Predicts Strong Year

February 23, 2001|Times Staff and Wire Reports

Sicor Inc. posted hefty increases in earnings and revenue for the fourth quarter and year, and predicted strong gains for 2001.

The Irvine pharmaceutical company said fourth-quarter net income more than doubled to $9.8 million, or 9 cents a share, from $4 million, or 5 cents a share, a year earlier. Revenue increased 24% to $81 million.

Net income for the year climbed to $30 million, or 29 cents a share, from $5.7 million, or 7 cents a share, for 1999. Revenue rose 28% to $293.8 million.

The company said its gross margin increased to 42% from 35% a year earlier, driven by the introduction of products and increased sales of the patented formation of its anesthetic drug propofol.

Sicor attributed the revenue gains to propofol sales, increased product sales to the Mexican government hospital programs and the introduction of other products.

Sicor said it expects earnings per share to grow 30% this year. Analysts predict per-share earnings of 39 cents for 2001, according to a survey by First Call/Thomson Financial. Revenue should increase 15% to 25%, Sicor said.

The stock edged up 52 cents a share to $11.13 in Nasdaq trading.

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