Profitability Continues For BioChem Pharma
BioChem Pharma achieved net earnings of C$4.1 million ($3.0 million) for the three months to June, compared to a net loss of $2.3 million in the year-earlier period. Earnings per share were C$0.08, compared with a loss per share of C$0.05.
"We are very pleased by our second-quarter results," said Francesco Bellini, president and chief executive of BioChem Pharma. "These improving results, quarter-over-quarter, reflect the role of 3TC/Epivir (lamivudine) as the cornerstone of HIV/AIDS combination therapy. We are now seeing a new era for BioChem - delivery of innovation and profits," Dr Bellini said.
The C$6.4 million improvement in earnings is due to the royalty revenue on sales of Epivir. It was achieved despite posting a share of loss of North American Vaccine. In addition, the firm noted that its R&D expenditure this past year increased over 50%. Total revenues for the quarter were C$56.9 million, up 26.4%.
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