Nycomed turns in steady first half

Contrast agent developer Nycomed Amersham reported steady growth in revenues and net income for the first half of 1998 (end-June). The Buckinghamshire, U.K. company experienced healthy growth in several of its imaging product lines, while the company continued to reduce its reliance on the battered U.S. x-ray contrast media market.

For the period, Nycomed Amersham saw total sales increase to $1.09 billion, up 4% at constant exchange rates compared with last year. The company's profit before taxes and exchange rate differences was $186.4 million.

The company's Nycomed Amersham Imaging contrast agent division is in transition, trying to shift its reliance from the U.S. x-ray contrast market to radiopharmaceuticals and MRI agents. The division had worldwide revenues of $544.2 million, up 5% at constant exchange rates. The imaging group's operating profit grew 15% to $138.4 million, due to growth in radiopharmaceuticals and MRI sales, as well as cost savings related to the Nycomed/Amersham merger and other cost-cutting programs.

Price discounting caused U.S. x-ray contrast media sales to fall 14%, in line with the company's expectations. On the positive side, sales of MRI contrast agent Omniscan grew 31% to $37.6 million, while revenues from cardiac radiopharmaceutical Myoview jumped 37% to $32.2 million.