Serono posts surprise first-quarter net loss

AFP, April, 2005

GENEVA (AFP) — Swiss biotechnology company Serono announced a surprise net loss of 567.7 million dollars (439.6 million euros) in the first quarter of 2005 after it set aside 725 million dollars to cover a legal probe in the United States.

Serono said in a statement that it had made the exceptional provision in connection with the investigation by a US state attorney into the marketing of one of its drugs, Serostim.

Excluding the exceptional charge, net profit fell to 92.7 million dollars, an 11.7-percent decline compared to the figure for the first quarter last year.

Total sales rose by 8.0 percent to 601.4 million dollars, while sales rose 6.7 percent to 551.4 million dollars.

Serono said that excluding the charge it was still on course with its...