ICN Percentage Gain Is Biggest on Big Board

COSTA MESA — ICN Pharmaceuticals Inc., a drug-manufacturing company, was the biggest percentage gainer Wednesday on the New York Stock Exchange, with its stock price increasing 26% to $4.875 a share, up $1 from the day before.

Analysts and company officials said ICN’s stock rise was probably linked to the strong annual earnings reported Monday by SPI Pharmaceuticals, a subsidiary that is 89% owned by ICN. SPI’s stock also rose sharply, up $1.25 to $15, a 9% gain.

ICN’s other subsidiaries also registered substantial stock gains Wednesday. Viratek, which is 74% owned by ICN, jumped $1.875 to $5.38, a 54% gain. And ICN Biomedicals Inc., 84% owned by ICN, rose 8% to $8.50, a gain of 62.5 cents.

ICN spokesman Jack Sholl said the earnings of SPI, a manufacturer and marketer of prescription pharmaceuticals, may have sparked investors to anticipate better earnings reports by ICN and Viratek.

Viratek, which conducts drug research and development, collects royalties on the antiviral drug ribavirin, which SPI has been selling in increasing quantities.

Sales of the drug contributed significantly to SPI’s net income of $14.9 million on revenues of $140.7 million for the fiscal year ended Nov. 30. That compares to net earnings of $12.9 million on sales of $124 million the previous fiscal year.