Mycogen magically turns around Agrigenetics

摘要

It was a routine, concise message, one that almost went unnoticed. A dozen years after its founding, Mycogen (San Diego, CA) recently announced its first-ever profit. Rightly so, Mycogen's management boasted about reducing by 20% its operating expenses, to about 116 million dollar for fiscal 1994, while experiencing only a 6% dip in revenues to 117 million dollar for the year. Its tad over 2 million dollar in earnings is nothing short of a miracle, given the history of Agrigenetics, the sizable seedcompany that Mycogen acquired in late 1992 and then renamed Mycogen Plant Sciences (MPS). Truthfully, until Mycogen turned it around, Agrigenetics stood as a stark example of the unfulfilled dreams and the financial disappointments that have plagued agbiotech.