March 9, 1999
Dow Jones Newswires
ZURICH -- Ares-Serono SA's (z.ars) shares are lower Tuesday even after the company announced earnings in line with forecasts for 1998.
Dealers said investors continue to worry about the company's Rebif medicine.
At 1600 GMT, Ares-Serono shares were down CHF65 to CHF2,135 or 3%.
Last week, Ares-Serono shares tumbled on news that for now, Rebif will not be allowed on the U.S. market by the Food and Drug Administration. Rebif is a drug to treat multiple sclerosis.
"The decision of the FDA is continuing to harm the stocks, as Rebif is one of the most important products af Ares Serono," a trader at a foreign bank said.
Ares-Serono had pre-charge net profit of $113.3 millon dollars on sales of $918.4 million. Analysts had expected $103 million. After restructuring charges, the profit was $76.2 million.
At the company's annual press conference, CEO Ernesto Bertarelli said the company expects a net margin of 13% and sales of more than 1 billion dollars for 1999.
-By Peter Hunziker, 41-1-212-2181
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