Chiron reports earnings

CHIR reported third quarter pro forma EPS of $0.26, down 57% from $0.60 in the same period last year. The decrease was the result of the loss of all revenues from CHIR's Fluvirin flu vaccine and a $91 million write-off of all Fluvirin inventory. The write-off decreased CHIR's third quarter EPS by $0.36. Sales of the flu vaccine were $103 million in the third quarter of 2003.

CHIR's EPS figure also included a $0.04 decline from foreign exchange rates and an $0.18 gain from a settlement with Roche (SWX:ROCZ) related to CHIR's U.S. HIV patent. The company reiterated full year EPS guidance of $0.70-$0.80, which was lowered from $1.80-$1.90 earlier this month when CHIR's license to manufacture Fluvirin was suspended (see BioCentury Extra, Tuesday Oct. 5, 2004). ...