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Pharmaceutical industry

U.S. Bioscience Inc. Reports Loss of $5.9 Million in Third Quarter

Strategic Insights

— 1 min read

The pharmaceutical company, U.S. Bioscience Inc., reported a significant loss of $5,887,500 for the third quarter ended September 30, 1995. The net loss per common share was 14 cents, a slight increase from the same period in the previous year. The loss includes an accrual of $2,341,000 for the company's share of Ethyol(R) European launch expenses. However, significant reductions in overhead expenditures and higher sales were also reported, with a 36% increase in sales primarily due to increased demand for NeuTrexin(R) and Hexalen(R) products.

Key Takeaways:

  • The company reported a third quarter loss of $5,887,500, a 4% increase from the previous year.
  • The net loss per common share was 14 cents, unchanged from the previous year.
  • The loss includes an accrual of $2,341,000 for the company's share of Ethyol(R) European launch expenses.
  • Significant reductions in overhead expenditures and higher sales were offset by the accrual, with expenses excluding the accrual declining 20% from the prior year.
  • U.S. related marketing expenditures, personnel and consulting related expenses, and manufacturing and product development costs were major areas of expense reduction.
  • Research & development expenses were devoted to pursuing regulatory approvals for Ethyol and continued clinical trials of late-stage products.
  • For the nine-month period ending September 30, 1995, the company's loss totaled $12,517,400, a 32% decrease from the previous year.
  • The company had approximately $15.3 million in cash as of September 30, 1995.

Statistics:

  • Loss for the third quarter: $5,887,500
  • Net loss per common share: 14 cents
  • Accrual for Ethyol(R) European launch expenses: $2,341,000
  • Reduction in expenses, excluding accrual: 20%
  • Sales increase: 36%
  • Nine-month period loss: $12,517,400
  • Cash on hand as of September 30, 1995: $15.3 million

Sources:

  • U.S. Bioscience Inc. Press Release, dated October 1995 (note: exact date not specified)
  • Same version as provided in the original text.

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