03 August 1998 00:00 [Source: ICB Americas]Catalytica Inc., building on a strong first quarter, had second quarter revenues of $96 million, up from less than $8 million in the year-ago period.
The companyÕs net income for the quarter was $5 million, a strong turnaround from a net loss of $1.8 million in 1997. Net income was 18 percent better than during the first quarter, a result the company attributes to the strong performance of the facility in Greenville, N.C., that Catalytica Pharmaceuticals acquired from Glaxo Wellcome in July 1997. First half revenues were more than $188 million, versus only $12.5 million in the first half of 1997. Net income for the six month period was $9.3 million, an improvement over last yearÕs net loss of $4.2 million.
During the quarter, Catalytica Pharmaceuticals expanded its original five-year, $800 million supply agreement with Glaxo Wellcome, which was integral to the Greenville acquisition. Catalytica will increase its production of certain Glaxo Wellcome products in 1998 and 1999.
Catalytica expects an additional $50 million in revenues, about three-quarters of which will be realized in 1999. Catalytica Pharmaceuticals has also signed a new contract for the production of an intravenous multivitamin for Astra USA Inc.
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