ICN Pharmaceuticals Inc. posted a fourth-quarter profit that surpassed analysts' estimates as its drug ribavirin generated higher royalty revenue.
The Costa Mesa-based drug maker reported net income of $33.5 million, or 40 cents a share, compared with a year-earlier net loss of $4.9 million, or 6 cents a share, which included expenses of $3.23 million for repurchased debt. Analysts had estimated a quarterly profit of 32 cents a share. Revenue increased 25% to $262.3 million.
The stock fell 95 cents a share to $30.55 on the NYSE.