SICOR Reports a 232% Increase in First Quarter 2001 Net Income And Raises Earnings Guidance for the Year

- Total Revenue Up 23% to $84.2 Million

- First Quarter Gross Profit Margins At 45.5%

- Diluted Earnings Per Share Up 175% At $0.11 Per Share

- 2001 Earnings Guidance Increases To $0.47 - $0.50 Per Share



Apr 26, 2001, 01:00 ET from SICOR Inc.

    IRVINE, Calif., April 26 /PRNewswire/ -- Building on its positive momentum
 from 2000, SICOR Inc. (Nasdaq:   SCRI) today announced that total revenue for
 the first quarter 2001 increased 23% to $84.2 million compared to
 $68.3 million for the three months ended March 31, 2000.  The increase from
 the first quarter of 2000 to the first quarter of 2001 is attributable to
 increased penetration of products introduced in the last two years.  Gross
 margins increased from 44.1% in the first quarter of 2000 to 45.5% in the
 first quarter of 2001, as a result of an improved product mix and increased
 absorption relating to increased manufacturing volumes.
     Research and development expenses were $4.2 million for the first quarter
 of 2001 compared to $3.9 million in the comparable quarter of the prior year,
 due to increased development activities, partially offset by proceeds from an
 Italian government grant for anthracycline research.
     Selling, General and Administrative (SG&A) expenses during the first
 quarter of 2001 increased 37% to $14.3 million compared to $10.4 million in
 the same period a year earlier.  This rise includes an increase of
 $1.5 million in the Company's estimate of costs associated with the defense of
 an ongoing governmental investigation of reimbursements under Medicaid and a
 $1.0 million increase in SG&A infrastructure in SICOR's Mexican operations.
     A special pre-tax charge in the amount of $3.5 million ($2.7 million net
 of tax) was recorded in the first quarter of 2001 relating to the impairment
 of certain assets associated with the Company's Italian operations.  In the
 first quarter of 2000, a special charge in the amount of $2.9 million relating
 to the adoption of U.S. Securities and Exchange Commission's Staff Accounting
 Bulletin No. 101 (SAB 101) on Revenue Recognition was recorded.
     Net income applicable to common shares for the quarter ended March 31,
 2001 increased significantly to  $11.9 million, or $0.11 per share on a
 diluted basis, compared to net income of $3.6 million, or $0.04 diluted
 earnings per share in the comparable quarter ended March 31, 2000.
     "SICOR delivered strong operating results this quarter, further
 demonstrating our ability to execute on our business strategy," said Carlo
 Salvi, president and chief executive officer.  "Our sales growth continues at
 a steady pace and we find customers increasingly request our products and
 services.  With the addition of new products and exciting new opportunities in
 complementary areas, we believe that our business will continue to show
 strength and stability.
     "In fact, our performance over the past several quarters and our
 confidence in the future prospects for this company have prompted the
 management team to raise our earnings expectations for 2001," continued Salvi.
 "We know that our core business provides us with a strong platform for success
 and we believe this will provide us the ability to expand our reach into the
 areas of brand name drugs and biotech products.  I am proud of our
 accomplishments so far this year, especially the increase of 175% in our
 earning per share, and have confidence that with our solid business practices
 already in place, we are setting the stage for long-term growth."
 
     Year 2001 Financial Outlook
     Based upon the results of the First Quarter of 2001 and the positive
 growth prospects for the remainder of 2001, SICOR expects to grow its total
 revenue in the range of 15% to 25% for the year 2001 over 2000 results.  In
 addition, the Company is raising its earnings guidance to the range of
 $0.47 to $0.50 per share on an annual basis for 2001.
     As previously announced, the Company will hold a conference call on
 Thursday, April 26, 2001 at 12:00 pm (Eastern Time) to review the results of
 the first quarter of 2001 and discuss the outlook for the rest of the year.
 The public is invited to listen to this conference call by dialing
 800-289-0487 at least 10 to 15 minutes prior to the start of the call.
 Individuals who dial in will be asked to identify themselves and their
 affiliations.  Investors, analysts and the public are also invited to listen
 to the conference call over the internet by visiting our website at
 http://www.sicorinc.com. To listen to this call live on the Internet, visit
 the investor page of SICOR's Web site at least 20 minutes early (to download
 and install any necessary audio software)
 
     SICOR Inc. is a vertically integrated specialty pharmaceutical company
 with proven expertise in the development, manufacturing and marketing of
 multi-source injectable pharmaceuticals.  With a strategy of combining both
 the production of active pharmaceutical ingredients utilizing chemical
 synthesis or fermentation and state of the art manufacturing facilities,
 SICOR's primary focus is on the worldwide injectable pharmaceutical market,
 which currently includes oncology, anesthesiology, cardiology and other
 therapeutic areas.  SICOR operates several manufacturing facilities in Europe,
 Mexico and the U.S.A., while maintaining the corporate headquarters in Irvine,
 California.
 
     This press release contains forward looking statements that are subject to
 risks and uncertainties that could cause actual results to differ materially
 from those set forth in the forward looking statements including whether SICOR
 will realize long-term growth, whether SICOR has built a strong platform for
 success, whether financial performance will be consistent, whether SICOR will
 be successful in the areas of brand name drugs or biologics, whether customers
 will still ask for SICOR's products and services, and those matters set forth
 in the risk factors section of SICOR's filings on Forms 10-K and 10-Q with the
 Securities and Exchange Commission.  These forward looking statements
 represent the Company's judgment as of the date of this press release.  The
 Company disclaims any intent or obligation to update these forward looking
 statements.
 
     For more information on the Company, visit SICOR's web site at
 www.sicorinc.com.  News releases are also available at no charge through PR
 Newswire's News On-Call fax service.  For a menu of available news releases or
 to retrieve a specific release made by SICOR, call 800-758-5804, extension
 354050.  Please retain these numbers for future reference.
 
                                   SICOR Inc.
                             PRESS RELEASE SUMMARY
                       First Quarter ended March 31, 2001
                                    ($000's)
 
     Balance Sheet Data:                             03/31/01       12/31/00
                                                                    (AUDITED)
     Assets:
       Cash and short-term investments                $77,680        $62,702
       Other current assets                           123,940        124,962
       Property and equipment, net                    114,570        115,939
       Other assets                                    19,686         20,565
       Intangibles, net                                98,313        101,432
         Total assets                                $434,189       $425,600
 
     Liabilities and Stockholders' Equity:
       Current liabilities                           $108,541       $108,479
       Other liabilities                               25,016         27,850
       Deferred taxes                                  15,406         15,813
       Stockholders' equity                           285,226        273,458
         Total liabilities and equity                $434,189       $425,600
 
     Statement of Operations Data:                       Three months ended
                                                             March 31,
                                                       2001           2000
     Revenue:                                                      (RESTATED)
       Product sales                                  $84,243        $68,334
 
     Costs and expenses:
       Cost of sales                                   45,933         38,229
       Research and development                         4,207          3,904
       Selling, general and administrative             14,256         10,441
       Non-Cash Compensation                               --          2,579
         Total costs and expenses                      64,396         55,153
 
       Amortization of intangibles                      1,444          1,498
 
     Operating income                                  18,403         11,683
 
     Interest and other income (expense), net            (439)        (2,194)
     Impairment of assets                              (3,462)            --
 
     Income before income taxes                        14,502          9,489
 
     Provision for income taxes                        (1,107)        (1,561)
 
     Income before cumulative effect
      of change in accounting principle                13,395          7,928
 
     Cumulative effect of change in accounting
      principle, net of taxes                              --         (2,854)
 
     Net income                                        13,395          5,074
 
     Dividends on preferred stock                      (1,488)        (1,488)
 
     Net income applicable to common shares           $11,907         $3,586
 
     Net Income per share:
       Basic                                            $0.12          $0.04
       Diluted                                          $0.11          $0.04
 
     Weighted average number of common shares:
       Basic                                          100,094         89,916
       Diluted                                        104,253        100,475
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X78719814
 
 

SOURCE SICOR Inc.
    IRVINE, Calif., April 26 /PRNewswire/ -- Building on its positive momentum
 from 2000, SICOR Inc. (Nasdaq:   SCRI) today announced that total revenue for
 the first quarter 2001 increased 23% to $84.2 million compared to
 $68.3 million for the three months ended March 31, 2000.  The increase from
 the first quarter of 2000 to the first quarter of 2001 is attributable to
 increased penetration of products introduced in the last two years.  Gross
 margins increased from 44.1% in the first quarter of 2000 to 45.5% in the
 first quarter of 2001, as a result of an improved product mix and increased
 absorption relating to increased manufacturing volumes.
     Research and development expenses were $4.2 million for the first quarter
 of 2001 compared to $3.9 million in the comparable quarter of the prior year,
 due to increased development activities, partially offset by proceeds from an
 Italian government grant for anthracycline research.
     Selling, General and Administrative (SG&A) expenses during the first
 quarter of 2001 increased 37% to $14.3 million compared to $10.4 million in
 the same period a year earlier.  This rise includes an increase of
 $1.5 million in the Company's estimate of costs associated with the defense of
 an ongoing governmental investigation of reimbursements under Medicaid and a
 $1.0 million increase in SG&A infrastructure in SICOR's Mexican operations.
     A special pre-tax charge in the amount of $3.5 million ($2.7 million net
 of tax) was recorded in the first quarter of 2001 relating to the impairment
 of certain assets associated with the Company's Italian operations.  In the
 first quarter of 2000, a special charge in the amount of $2.9 million relating
 to the adoption of U.S. Securities and Exchange Commission's Staff Accounting
 Bulletin No. 101 (SAB 101) on Revenue Recognition was recorded.
     Net income applicable to common shares for the quarter ended March 31,
 2001 increased significantly to  $11.9 million, or $0.11 per share on a
 diluted basis, compared to net income of $3.6 million, or $0.04 diluted
 earnings per share in the comparable quarter ended March 31, 2000.
     "SICOR delivered strong operating results this quarter, further
 demonstrating our ability to execute on our business strategy," said Carlo
 Salvi, president and chief executive officer.  "Our sales growth continues at
 a steady pace and we find customers increasingly request our products and
 services.  With the addition of new products and exciting new opportunities in
 complementary areas, we believe that our business will continue to show
 strength and stability.
     "In fact, our performance over the past several quarters and our
 confidence in the future prospects for this company have prompted the
 management team to raise our earnings expectations for 2001," continued Salvi.
 "We know that our core business provides us with a strong platform for success
 and we believe this will provide us the ability to expand our reach into the
 areas of brand name drugs and biotech products.  I am proud of our
 accomplishments so far this year, especially the increase of 175% in our
 earning per share, and have confidence that with our solid business practices
 already in place, we are setting the stage for long-term growth."
 
     Year 2001 Financial Outlook
     Based upon the results of the First Quarter of 2001 and the positive
 growth prospects for the remainder of 2001, SICOR expects to grow its total
 revenue in the range of 15% to 25% for the year 2001 over 2000 results.  In
 addition, the Company is raising its earnings guidance to the range of
 $0.47 to $0.50 per share on an annual basis for 2001.
     As previously announced, the Company will hold a conference call on
 Thursday, April 26, 2001 at 12:00 pm (Eastern Time) to review the results of
 the first quarter of 2001 and discuss the outlook for the rest of the year.
 The public is invited to listen to this conference call by dialing
 800-289-0487 at least 10 to 15 minutes prior to the start of the call.
 Individuals who dial in will be asked to identify themselves and their
 affiliations.  Investors, analysts and the public are also invited to listen
 to the conference call over the internet by visiting our website at
 http://www.sicorinc.com. To listen to this call live on the Internet, visit
 the investor page of SICOR's Web site at least 20 minutes early (to download
 and install any necessary audio software)
 
     SICOR Inc. is a vertically integrated specialty pharmaceutical company
 with proven expertise in the development, manufacturing and marketing of
 multi-source injectable pharmaceuticals.  With a strategy of combining both
 the production of active pharmaceutical ingredients utilizing chemical
 synthesis or fermentation and state of the art manufacturing facilities,
 SICOR's primary focus is on the worldwide injectable pharmaceutical market,
 which currently includes oncology, anesthesiology, cardiology and other
 therapeutic areas.  SICOR operates several manufacturing facilities in Europe,
 Mexico and the U.S.A., while maintaining the corporate headquarters in Irvine,
 California.
 
     This press release contains forward looking statements that are subject to
 risks and uncertainties that could cause actual results to differ materially
 from those set forth in the forward looking statements including whether SICOR
 will realize long-term growth, whether SICOR has built a strong platform for
 success, whether financial performance will be consistent, whether SICOR will
 be successful in the areas of brand name drugs or biologics, whether customers
 will still ask for SICOR's products and services, and those matters set forth
 in the risk factors section of SICOR's filings on Forms 10-K and 10-Q with the
 Securities and Exchange Commission.  These forward looking statements
 represent the Company's judgment as of the date of this press release.  The
 Company disclaims any intent or obligation to update these forward looking
 statements.
 
     For more information on the Company, visit SICOR's web site at
 www.sicorinc.com.  News releases are also available at no charge through PR
 Newswire's News On-Call fax service.  For a menu of available news releases or
 to retrieve a specific release made by SICOR, call 800-758-5804, extension
 354050.  Please retain these numbers for future reference.
 
                                   SICOR Inc.
                             PRESS RELEASE SUMMARY
                       First Quarter ended March 31, 2001
                                    ($000's)
 
     Balance Sheet Data:                             03/31/01       12/31/00
                                                                    (AUDITED)
     Assets:
       Cash and short-term investments                $77,680        $62,702
       Other current assets                           123,940        124,962
       Property and equipment, net                    114,570        115,939
       Other assets                                    19,686         20,565
       Intangibles, net                                98,313        101,432
         Total assets                                $434,189       $425,600
 
     Liabilities and Stockholders' Equity:
       Current liabilities                           $108,541       $108,479
       Other liabilities                               25,016         27,850
       Deferred taxes                                  15,406         15,813
       Stockholders' equity                           285,226        273,458
         Total liabilities and equity                $434,189       $425,600
 
     Statement of Operations Data:                       Three months ended
                                                             March 31,
                                                       2001           2000
     Revenue:                                                      (RESTATED)
       Product sales                                  $84,243        $68,334
 
     Costs and expenses:
       Cost of sales                                   45,933         38,229
       Research and development                         4,207          3,904
       Selling, general and administrative             14,256         10,441
       Non-Cash Compensation                               --          2,579
         Total costs and expenses                      64,396         55,153
 
       Amortization of intangibles                      1,444          1,498
 
     Operating income                                  18,403         11,683
 
     Interest and other income (expense), net            (439)        (2,194)
     Impairment of assets                              (3,462)            --
 
     Income before income taxes                        14,502          9,489
 
     Provision for income taxes                        (1,107)        (1,561)
 
     Income before cumulative effect
      of change in accounting principle                13,395          7,928
 
     Cumulative effect of change in accounting
      principle, net of taxes                              --         (2,854)
 
     Net income                                        13,395          5,074
 
     Dividends on preferred stock                      (1,488)        (1,488)
 
     Net income applicable to common shares           $11,907         $3,586
 
     Net Income per share:
       Basic                                            $0.12          $0.04
       Diluted                                          $0.11          $0.04
 
     Weighted average number of common shares:
       Basic                                          100,094         89,916
       Diluted                                        104,253        100,475
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X78719814
 
 SOURCE  SICOR Inc.

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