ICN Cuts 2000, 2001 Profit Estimates
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ICN Pharmaceuticals Inc. warned that profit for 2000 and 2001 would trail analysts’ estimates because of higher research costs, taxes and slowing royalties for its antiviral pill ribavirin, which treats hepatitis C. The Costa Mesa-based company said it expects 2000 earnings of $1.25 to $1.30 a share, short of the consensus estimate of $1.68, according to First Call/Thomson Financial. The company projects earnings in 2001 in the range of $1.50 to $1.55 a share, below the First Call estimate of $1.96. ICN shares fell $4.44, or 16%, to close at $23.44 on the NYSE.
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