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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 16, 1997
ROBERTS PHARMACEUTICAL CORPORATION
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(exact name of registrant as specified in its charter)
NEW JERSEY 1-1-432 22-2429994
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
Meridian Center II
4 Industrial Way West
Eatontown, New Jersey 07724
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(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: 908-389-1182
Meridian Center II
4 Industrial Way West
Eatontown, New Jersey 07724
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(Former name or former address, if changed from last report)
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Item 5. Other Events
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Roberts Pharmaceutical Corporation today reported first quarter 1997
results with significant year-to-year improvements recorded in revenues, gross
profits, and net earnings.
For the first-quarter ended March 31, 1997, revenues advanced 53% to $26.3
million from $17.2 million reported for the comparable 1996 period. First-
quarter 1997 revenues do not include certain divested non-strategic product
sales which were included in the 1996 figures. The year-to-year revenue
improvement reflects, in part, initial sales of PROAMATINE(R)--the Company's
first proprietary pipeline drug--which was cleared for marketing by the FDA in
late 1996. Also, first-quarter 1997 revenues included sales of AGRYLIN(TM)--THE
Company's second and higher margin pipeline drug--which was approved by the FDA
and introduced just prior to the quarter's end.
For the first-quarter 1997, Roberts reported a gross profit of $14.7
million, up 73% from a gross profit of $8.5 million a year ago.
Correspondingly, the gross profit margin expanded to 55.7% from 49.2% of
sales, primarily reflecting product mix and the introduction of AGRYLIN. Net
income for the three months ended March 31, 1997 was $1.6 million, a positive
swing of $5.8 million from a loss of $4.2 million a year ago. Earnings per
share for the first-quarter 1997 amounted to $0.04 compared to a loss of $0.22
in the comparable period of 1996. On March 31, 1997, the Company's position
of cash and marketable securities amounted to $94.1 million with long-term
debt at $12.6 million.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ROBERTS PHARMACEUTICAL CORPORATION
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(Registrant)
Date: April 21, 1997 By: /s/ Anthony A. Rascino
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Anthony A. Rascio
Vice President
