SPI Pharmaceuticals Posts 87% Gain in Quarterly Net

Crediting strong sales of the drug Virazole, SPI Pharmaceuticals Inc. of Costa Mesa said Wednesday that net earnings rose 87% during the first fiscal quarter ended Feb. 28 to $1.3 million from $724,000 a year earlier. Revenue during the quarter increased 48% to $15.6 million, from $10.5 million a year ago.

Recently approved by the U.S. Food and Drug Administration for treating an often-fatal infant respiratory disease, Virazole is distributed by SPI. It is manufactured by Viratek Inc., SPI’s sister company. Both SPI and Viratek are majority-owned affiliates of Costa Mesa-based ICN Pharmaceuticals Inc.