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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 27, 1998
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: 732-389-1182
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
Roberts Pharmaceutical Corporation today announced the cash
sale of its subsidiary VRG International to Verum Staticon GmbH of Munich,
Germany. Financial details were not disclosed, but Roberts said that under the
terms of the agreement it will receive cash payments from this transaction over
the next twelve months. Roberts will realize a gain on the sale of this company
over its book value.
VRG International is a contract research business, an operation outside
of Roberts' strategic area of focus. For financial reporting purposes, VRG had
been previously classified by Roberts as a discontinued operation. With today's
announcement, Roberts has completed its plans to divest non-strategic,
non-pharmaceutical businesses. With the sale of VRG and the recent purchases of
pharmaceutical manufacturing and distribution facilities, Roberts is now
positioned to dedicate its resources exclusively to its core pharmaceutical
operations.
Separately, Roberts said that it expects shortly to report strong
year-to-year improvements in first-quarter 1998 revenues, operating profits, and
net earnings. Per share earnings for the first quarter 1998 are expected to
exceed the First Call estimate of $0.05.
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 30, 1998 By: /s/ Anthony A. Rascio
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Anthony A. Rascio
Vice President
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FORWARD LOOKING STATEMENTS
Certain statements included in Item 5 of this Form 8-K are intended to
be, and are hereby identified as, forward looking statements for purposes of the
safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as
amended, and Section 27A of the Securities Act of 1933, as amended. The
Registrant cautions readers that forward looking statements, including, without
limitation, those relating to the Registrant's future business prospects,
revenues, cost of sales, intangible dispositions and write-offs, continuing
operations and discontinued operations, and liquidity and capital resources, are
subject to certain risks and uncertainties, including, without limitation, the
ability of the Registrant to secure regulatory approval in the United States and
in foreign jurisdictions for the Registrant's developmental pipeline drugs, the
efforts of the Registrant's competitors and the introduction of rival
pharmaceutical products which may prove to be more effective than the
Registrant's products, general market conditions, the availability of capital,
and the uncertainty over the future direction of the healthcare industry, that
could cause actual results to differ materially from those indicated in the
forward looking statements.
