Contrast developer Amersham reported year-end growth in sales at constant exchange rates in what could be its last financial report before its pending acquisition by GE Healthcare of Waukesha, WI.
For the year (end-December 31), the Buckinghamshire, U.K. company posted sales of £1.652 billion ($3.119 billion U.S.), up 6% at constant exchange rates compared with £1.618 billion ($3.055 billion) in 2002.
Amersham’s pre-tax profit after one-time charges and at actual exchange rates stood at £192 million ($363 million), down 27% compared with £264 million ($499 million) the year before. The company recorded a one-time charge of £58 million ($110 million) related to costs associated with restructuring its Discovery Systems unit, the GE acquisition, and other items, and also recorded goodwill amortization of £44 million ($83 million).
The weakening of the U.S. dollar had an overall adverse currency impact on profit before tax of £39 million ($74 million), the company said.
Sales in the company’s Amersham Health medical imaging and therapy business grew 7% at constant exchange rates, from £948 million ($1.79 billion) in 2002 to £973 million ($1.84 billion) in 2003. Annual sales of individual products were as follows:
- Visipaque x-ray contrast, £122 million ($231 million), up 38%.
- Omnipaque x-ray contrast, £218 million ($412 million), up 2%.
- Omniscan MRI contrast, £106 million ($200 million), up 12%.
- Myoview cardiac radiopharmaceutical, £149 million ($282 million), up 20%.
The company said it has received clearances from U.S. and European authorities for the GE acquisition, which is expected to be completed by April pending approval by Amersham shareholders.
By AuntMinnie.com staff writersFebruary 19, 2004
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GE makes $9.8 billion bid for Amersham, October 10, 2003
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