Ribapharm Reports 17% Drop in Profit
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Ribapharm Inc. of Costa Mesa reported second-quarter profit of $25.8 million, or 17 cents a share, down 17% from $31.1 million, or 21 cents, for the same period a year ago. Revenue fell 21.3%, to $52 million.
“Our financial results during the quarter were impacted by several factors, including the effects of increasing competition,” said President and Chief Executive Kim D. Lamon. The company is known for its hepatitis C drug ribavirin.
Ribapharm shares rose 23 cents to close at $5.25 on the New York Stock Exchange. ICN Pharmaceuticals Inc., which spun off Ribapharm last year, has offered to buy back the 19.9% of shares it doesn’t already own for $5.60 a share.
Ronald D. White
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