U.S. SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, D.C. 20549

                                    FORM 10-QSB

(Mark One)

    X  Quarterly  report  under  Section  13 or 15(d)  of the  Securities
--------- Exchange Act of 1934


For the quarterly period ended   September 30, 2000
                               ----------------------

_______ Transition report under Section 13 or 15(d) of the Exchange Act

For the transition period from __________  to  ___________

Commission File Number    0-7855
                        ----------

                            UNITED-GUARDIAN, INC.
-------------------------------------------------------------------------
     (Exact Name of Small Business Issuer as Specified in Its Charter)

          Delaware                                11-1719724
-------------------------------      ------------------------------------
(State or Other Jurisdiction of      (I.R.S. Employer Identification No.)
  Incorporation or Organization)

              230 Marcus Boulevard., Hauppauge, New York 11788
-------------------------------------------------------------------------
                  (Address of Principal Executive Offices)

                              (631) 273-0900
-------------------------------------------------------------------------
                (Issuer's Telephone Number, Including Area Code)

-------------------------------------------------------------------------
       (Former Name, Former Address and Former Fiscal Year, if Changed
          Since Last Report)

         Check  whether the issuer (1) filed all  reports  required to be
filed by  Section  13 or 15(d) of the  Exchange  Act  during  the past 12
months (or for such shorter  period that the  registrant  was required to
file such reports),  and (2) has been subject to such filing requirements
for the past 90 days.

Yes      X                No
    ----------               -----------


                            Cover Page 1 of 2
<PAGE>
         APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
                        DURING THE PRECEDING FIVE YEARS

         Check  whether the  registrant  filed all  documents and reports
required to be filed by Section 12, 13 or 15(d) of the Exchange Act after
the distribution of securities under a plan confirmed by a court.

Yes _________             No ____________

                   APPLICABLE ONLY TO CORPORATE ISSUERS

         State the number of shares  outstanding  of each of the issuer's
classes of common equity, as of October 24, 2000:
                                -----------------

                                4,860,739
-------------------------------------------------------------------------





































                               Cover Page 2 of 2
<PAGE>
                                 UNITED-GUARDIAN, INC.

                                       INDEX


                                                                   Page No.
                                                                   --------
Part I.  Financial Information:

         Consolidated Statements of Earnings -
                  Three and Nine Months Ended
                  September 30, 2000 and 1999                          2

         Consolidated Balance Sheets -
                  September 30, 2000 and December 31, 1999             3-4

         Consolidated Statements of Cash Flows -
                  Nine Months Ended
                  September 30, 2000 and 1999                          5

         Consolidated Notes to Financial Statements                    6-10

         Management's Discussion and Analysis of
                    Financial Condition and Results of
                  Operations                                           11-12

Part II. Other Information                                             13




























                                          1
<PAGE>
                                  UNITED-GUARDIAN, INC.
                           CONSOLIDATED STATEMENTS OF EARNINGS
                                       (UNAUDITED)


                                NINE MONTHS ENDED          THREE MONTHS ENDED
                                  September 30,               September  30,
                                2000         1999           2000         1999
                                ----         ----           ----         ----
Revenue:
  Net sales                $ 7,795,787  $ 7,093,503    $ 1,941,977  $ 2,127,486
                             ---------    ---------      ---------    ---------
Costs and expenses:
  Cost of sales              3,791,152    3,786,891        916,405    1,168,119
  Selling, general and
    administrative           1,639,314    1,541,776        513,171      494,635
                             ---------    ---------      ---------    ---------
                             5,430,466    5,328,667      1,429,576    1,662,754
                             ---------    ---------      ---------    ---------
      Earnings from
         operations          2,365,321    1,764,836        512,401      464,732

Other income (expense):
  Interest expense                (354)        (327)          (220)        (254)
  Investment income            154,720       62,311         63,632       20,050
  Other                           -            (72)           -            -
                             ---------    ---------      ---------    ---------
        Earnings before
         income taxes        2,519,687    1,826,748        575,813      484,528


Provision for
   income taxes                940,000      681,400        214,500      180,800
                              --------    ---------      ---------    ---------

      Net earnings         $ 1,579,687  $ 1,145,348    $   361,313  $   303,728
                             =========    =========      =========    =========
Earnings per common
   share - Basic and
   Diluted                 $      0.32  $      0.23    $      0.07  $      0.06
                             =========    =========      =========    =========
Basic weighted average
   shares                    4,892,270    4,884,568      4,890,956    4,887,378
                             =========    =========      =========    =========
Diluted weighted
   average shares            4,920,441    4,902,309      4,920,396    4,905,588
                             =========    =========      =========    =========



                           See notes to financial statements.

                                         2

<PAGE>
                              UNITED-GUARDIAN, INC.
                           CONSOLIDATED BALANCE SHEETS



                                            SEPTEMBER 30,       DECEMBER 31,
                                                2000               1999
                                            ------------       -------------
              ASSETS                         (UNAUDITED)  (DERIVED FROM AUDITED
                                                           FINANCIAL STATEMENTS)
Current assets:
    Cash and cash equivalents           $    1,016,550      $    2,014,556
    Temporary investments                    3,174,755           1,050,238
    Marketable securities                      291,126             286,791
    Accounts receivable
         (less allowance for doubtful
          accounts of $54,949 at
          September 30, 2000 and $60,700
          December 31, 1999)                   859,833             984,791
     Inventories                             1,465,292           1,311,183
     Prepaid expenses and other
          current assets                       255,536             220,723
     Deferred income taxes                     173,780             174,193
                                           -----------         -----------
              Total current assets           7,236,872           6,042,475
                                           -----------         -----------

Property, plant and equipment:
     Land                                       69,000              69,000
     Factory equipment and fixtures          2,603,296           2,471,632
     Building and improvements               1,981,846           1,980,404
     Waste disposal plant                      133,532             133,532
                                           -----------         -----------
                                             4,787,674           4,654,568
      Less: Accumulated depreciation         3,476,222           3,290,120
                                           -----------         -----------
                                             1,311,452           1,364,448
                                           -----------         -----------
Other assets:
      Processes and patents, net                99,957             138,840
      Split dollar life insurance                 -                348,161
      Note receivable-officer                  143,161                -
      Other                                      1,000               1,000
                                           -----------         -----------
                                               244,118             488,001
                                           -----------         -----------
                                        $    8,792,442      $    7,894,924
                                           ===========         ===========



                         See notes to financial statements.

                                         3


<PAGE>
                              UNITED-GUARDIAN, INC.
                           CONSOLIDATED BALANCE SHEETS



                                            SEPTEMBER 30,      DECEMBER 31,
                                               2000                1999
                                          ---------------      ------------
LIABILITIES AND                             (UNAUDITED)   (DERIVED FROM AUDITED
STOCKHOLDERS' EQUITY                                       FINANCIAL STATEMENTS)

Current liabilities:
   Dividends payable                            ---            $  391,131
   Accounts payable                        $  180,322             281,422
   Accrued expense and other                  187,943             195,932
   Current portion of long-term
      debt                                      8,602              10,192
                                            ---------           ---------
         Total current liabilities            376,867             878,677
                                            ---------           ---------
Long-term debt, net of current
   portion                                       -                  6,036
                                            ---------           ---------
Deferred income taxes                          10,000              10,000
                                            ---------           ---------

Stockholders' equity:
   Common stock $.10 par value,
      authorized 10,000,000 shares,
      issued 4,900,739 and 4,889,339
      shares, outstanding 4,860,739
      and 4,889,339 shares                    490,074             488,934
   Capital in excess of par value           3,372,258           3,343,417
   Accumulated other comprehensive
       income                                  15,432              14,736
   Retained earnings                        4,732,811           3,153,124
   Treasury stock at cost 40,000 shares      (205,000)               -
                                            ---------           ---------
         Total stockholders' equity         8,405,575           7,000,211
                                            ---------           ---------
                                         $  8,792,442        $  7,894,924
                                            =========           =========








                        See notes to financial statements.


                                       4


<PAGE>
                              UNITED-GUARDIAN, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)
                                                       NINE MONTHS ENDED
                                                         September 30,
                                                         -------------
                                                      2000           1999
                                                    -------        -------
Cash flows provided by operating activities:
  Net earnings                                  $ 1,579,687    $ 1,145,348
  Adjustments to reconcile net earnings
    to net cash flows from operations:
      Depreciation and amortization                 224,985        241,823
      Loss on sale of marketable securities            -             3,214
      Provision for doubtful accounts                (5,751)          (460)
      Provision for inventory obsolescence             -            10,000
     (Increase) decrease in assets:
         Accounts receivable                        130,709        155,711
         Inventories                               (154,109)       (28,978)
         Prepaid expense and other assets           (34,813        (19,284)
      Increase (decrease) in liabilities:
         Accounts payable                          (101,100)      (123,867)
         Accrued expenses and other,
            and taxes payable                        (7,989)        44,022
                                                   --------       --------
      Net cash provided by operating activities   1,631,619      1,427,529
                                                   --------       --------

Cash flows from investing activities:
   Acquisition of property, plant and equipment    (133,106)       (75,968)
   Net change in temporary investments           (2,124,517)      (314,914)
   Purchase of marketable securities - net           (3,226)      (203,114)
   Proceeds from sale of marketable securities         -            24,854
                                                   --------       --------
      Net cash (used in) investing activities    (2,260,849)      (569,142)
                                                   --------       --------
Cash flows from financing activities:
   Principal payments on long-term debt              (7,626)        (7,483)
   Proceeds from exercise of stock options           29,981         12,750
   Dividends paid                                  (391,131)      (341,820)
                                                   --------       --------
     Net cash (used in) financing activities       (368,776)      (336,553)
                                                   --------       --------

Net (decrease) increase in cash and cash
  equivalents                                     ( 998,006)       521,834

Cash and cash equivalents at beginning
  of period                                       2,014,556      1,320,610
                                                  ---------      ---------
Cash and cash equivalents at end of period      $ 1,016,550    $ 1,842,444
                                                  =========      =========


                       See notes to financial statements.
                                        5
<PAGE>
                             UNITED-GUARDIAN, INC.
                CONSOLIDATED NOTES TO FINANCIAL STATEMENTS

         1. In the opinion of the  Company,  the  accompanying  unaudited
financial  statements contain all adjustments  (consisting of only normal
recurring accruals) necessary to present fairly the financial position as
of September 30,2000 and the results of operations for the three and nine
months  ended  September  30,  2000 and 1999 and cash  flows for the nine
months  ended  September  30,  2000 and  1999.  The  accounting  policies
followed  by  the  Company  are  set  forth  in the  Company's  financial
statements   included  in  its  December   31,  1999  Annual   Report  to
Shareholders.

         2. The results of operations for the three and nine months ended
September 30,2000 and 1999 are not necessarily  indicative of the results
to be expected for the full year.

         3. Inventories

     Inventories consist of the following:

                                              September 30,     December 31,
                                                  2000              1999
                                              -----------       -----------
     Raw materials and work-in-process ...... $   355,197       $  279,851
     Finished products and fine chemicals ...   1,110,095        1,031,332
                                               ----------        ---------
                                                1,465,292       $1,311,183
                                               ==========        =========

         4. For  purposes of the  Statement  of Cash  Flows,  the Company
considers  all highly  liquid  investments  purchased  with a maturity of
three months or less to be cash equivalents.

            Cash  payments for  interest  were $354 and $327 for the nine
months ended September 30, 2000 and 1999 respectively.

            Cash payments for taxes were  $1,027,826 and $680,199 for the
nine months ended September 30, 2000 and 1999 respectively.

         5. Comprehensive Income

            The components of comprehensive income are as follows:

                                                     2000              1999
                                                  ---------         ---------
                Net income                       $1,579,687        $1,145,348
                                                  ---------         ---------
                Other Comprehensive Income
                   Unrealized gain (loss) on
                     marketable securities            1,109            (6,431)
                                                    -------           -------
                Net unrealized gain (loss)            1,109            (6,431)
                                                    -------           -------

                                        6
<PAGE>
                Income tax benefit on
                  comprehensive gain (loss)             413            (2,400)
                                                    -------           -------
                Other comprehensive gain (loss)         696            (4,031)
                                                  ---------           -------
                Comprehensive income             $1,580,383        $1,141,317
                                                  =========         =========


         The  component  of  accumulated  other  comprehensive  income is
unrealized gains on marketable securities.

         6. Earnings Per Share

            The  following  table sets for the  computation  of basic and
diluted earnings per share at September 30, 2000 and 1999.
<TABLE>
<CAPTION>
                                             Nine Months Ended         Three Months Ended
                                               September 30,              September 30
                                             2000        1999           2000         1999
                                           -------      -------       --------     -------
<S>                                     <C>          <C>             <C>           <C>
Numerator:
  Net income                            $1,579,687   $1,145,348      $ 361,313     303,728
                                         ---------    ---------      ---------     -------

Denominator:
  Denominator for basic earnings
    per share (weighted average
    shares)                              4,892,270    4,884,568      4,890,956   4,887,378

  Effect of dilutive securities:
    Employee stock options                  28,171       17,741         29,440      18,210
                                         ---------    ---------      ---------   ---------
  Denominator for diluted earnings
    per share (adjusted weighted-
    average shares) and assumed
    conversions                          4,920,441    4,902,309      4,920,396   4,905,588
                                         =========    =========      =========   =========
Basic and diluted earnings
  per share                             $     0.32   $     0.23     $      .07  $      .06
                                         =========    =========      =========   =========
</TABLE>

         Options to purchase 21,000 shares of the Company's  common stock
have been excluded from the computation of diluted  earnings per share in
2000 and 1999 as their inclusion would be antidilutive.







                                        7
<PAGE>
         7. The life  insurance  policy of an officer was  terminated  on
July 8,  2000.  The  Company  had  carried  the cost of the split  dollar
insurance,  aggregating $348,161, as "Other assets" on its balance sheet.
Upon  termination,  the officer  executed a promissory  note  agreeing to
repay the Company its entire cost. The promissory  note,  which is due on
July 8, 2003,  bears  interest at 6.6% per annum.  On September 12, 2000,
40,000 shares were surrendered by the officer in partial repayment of the
promissory  note.  The  reduction in the note by $205,000 was  determined
based upon the  closing  stock  price on the date that such  shares  were
surrendered  multiplied by the number of shares surrendered.  The cost of
the surrendered  shares have been  classified as "Treasury  stock" in the
accompanying balance sheet.

         8.  The  Company  has  the  following  two  reportable  business
segments:  Guardian  Laboratories  and  Eastern  Chemical.  The  Guardian
segment   conducts    research,    development   and   manufacturing   of
pharmaceuticals,  medical  devices,  cosmetics,  products and proprietary
specialty  chemical  products.   The  Eastern  segment  distributes  fine
chemicals, solutions, dyes and reagents.

         The  accounting  policies  used to develop  segment  information
correspond to those  described in the summary of  significant  accounting
policies as set forth in the  December  31, 1999 annual  report.  Segment
earnings  or loss is based on  earnings  or loss from  operations  before
income  taxes.  The  reportable  segments  are  distinct  business  units
operating in different  industries.  They are  separately  managed,  with
separate marketing and distribution  systems.  The following  information
about the two  segments is for the nine months ended  September  30, 2000
and 1999.

























                                        8

<PAGE>
                             UNITED-GUARDIAN, INC.
                CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>

                                                     2000                                           1999
                                     ------------------------------------           ------------------------------------
                                     GUARDIAN       EASTERN         TOTAL           GUARDIAN       EASTERN         TOTAL
                                   ------------   ------------   -----------      ------------   ------------   -----------
<S>                                 <C>            <C>            <C>              <C>            <C>            <C>
Revenues  from external customers   $ 6,620,110    $ 1,175,677    $ 7,795,787      $ 5,704,723    $ 1,388,780    $ 7,093,503
Depreciation and amortization           123,729           -           123,729          136,605          -            136,605
Segment earnings before
  income taxes                        2,410,028         92,468      2,502,496        1,808,389         89,336      1,897,725
Segment assets                        2,410,648        519,781      2,930,429        2,336,162        594,017      2,930,179
Expenditures for segment assets         117,650           -           117,650           36,718                        36,718

Reconciliation to Consolidated Amounts

Earnings before income taxes
----------------------------
Total earnings for reportable segments                            $ 2,502,496                                    $ 1,897,725
Other earnings                                                        154,366                                         61,912
Corporate headquarters expense                                       (137,175)                                      (132,889)
                                                                   -----------                                    -----------
Consolidated earnings before income
   taxes                                                          $ 2,519,687                                    $ 1,826,748

Assets
------
Total assets for reportable segments                              $ 2,930,429                                    $ 2,930,179
Corporate headquarters                                              5,862,013                                      4,587,003
                                                                   -----------                                    -----------
      Total consolidated assets                                   $ 8,792,442                                    $ 7,517,182
                                                                   ===========                                    ===========
</TABLE>


















                                       9
<PAGE>
                             UNITED-GUARDIAN, INC.
                CONSOLIDATED NOTES TO FINANCIAL STATEMENTS

<TABLE>
<CAPTION>
Other significant items
-----------------------
                                                     2000                                           1999
                                   ------------------------------------------       -------------------------------------------
                                     Segment                     Consolidated          Segment                     Consolidated
                                      Totals      Adjustments       Totals              Totals      Adjustments       Totals
                                   ------------   ------------   -------------      -------------   ------------   -------------
<S>                                 <C>           <C>            <C>                <C>           <C>              <C>
Interest Expense                         -        $      354     $       354               -        $      327     $       327
Expenditures for assets             $ 117,650         15,456         133,106         $   36,718         39,250          75,968
Depreciation and amortization         123,729        101,256         224,985            136,605        105,218         241,823

</TABLE>
<TABLE>
<CAPTION>
Geographic Information
----------------------
                                                       2000                                1999
                                           ---------------------------         ---------------------------
                                             Revenues      Long-Lived            Revenues      Long-Lived
                                                             Assets                              Assets
                                           -----------    -------------        -----------    -------------
<S>                                        <C>            <C>                  <C>            <C>
United States                              $ 4,078,743    $  1,411,409         $ 3,384,935    $  1,557,513
France                                       1,022,465                             831,507
Other countries                              2,694,579                           2,877,061
                                           -----------    -------------        -----------    -------------
                                           $ 7,795,787    $  1,411,409         $ 7,093,503    $  1,557,513
                                           ===========    =============        ===========    =============

Major Customers
---------------
Customer A (Guardian)                      $ 1,365,181                         $ 1,508,940
Customer B (Guardian)                          969,341                             777,342
All other customers                          5,461,265                           4,807,221
                                           -----------                         -----------
                                           $ 7,795,787                         $ 7,093,503
                                           ===========                         ===========
</TABLE>










                                        10

<PAGE>
                   MANAGEMENT'S DISCUSSION AND ANALYSIS
             OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

         Gross revenue from operations
         -----------------------------

         For the nine month  period  ended  September  30, 2000 net sales
increased  $702,284  (9.9%)  versus the  comparable  period in 1999.  The
Guardian  Laboratories  division  ("Guardian")  had a sales  increase  of
$915,387 (16.0%) while the Eastern Chemical subsidiary  ("Eastern") had a
sales decrease of $213,103 (15.3%).

         For the three month  period  ended  September  30, 2000  revenue
decreased  $185,508 (8.7%) over the comparable  period in 1999.  Guardian
sales  increased  $4,307 (.3%),  while Eastern sales  decreased  $189,815
(35.7%).

         The increase in Guardian's sales was mainly due to the increases
in sales of some of  Guardian's  core products as a result of the efforts
of  its  marketing  partners,  as  well  as  normal  fluctuations  in the
purchasing patterns of its customers. The decrease in Eastern's sales was
the result of both a downsizing  of the Eastern  operation as well normal
fluctuations in the purchasing patterns of customers.

         Cost of sales
         -------------

         Cost of sales as a  percentage  of sales  decreased to 48.6% for
the nine months ended  September  30, 2000 from 53.4% for the  comparable
period  ended  September  30,  1999.  For the three  month  period  ended
September 30, 1999 compared to the three month period  September 30, 1999
the cost of sales as a percentage of sales decreased to 47.2% from 54.9%.
The nine  month  decrease  was mainly due to an  efficiency  in  overhead
absorption  created by an  increase in  production  during the first nine
months in 2000. The three month decrease is mainly due to the decrease in
Eastern Chemical sales which have higher cost of sales than Guardian.

         Operating Expenses
         ------------------

         Operating  expenses  increased $97,538 (6.3%) in the nine months
ended  September 30, 2000 compared to the comparable  period in 1999. For
the three months ended September  30,2000  operating  expenses  increased
$18,536 (3.7%) over the comparable  period in 1999.  These increases were
primarily  due to the  payment in the second  quarter of 2000 of employee
bonuses in accordance with a new company-wide employee bonus program that
was  implemented in the second quarter of 1999. The program calls for the
payment  once a year of a bonus  to all  qualifying  employees  when  the
Compensation  Committee of the Board of Directors determines,  usually at
the end of June of the year  following  the year upon  which the bonus is
based,  that  operating  results  for the prior year and year to date are
satisfactory enough to do so.

                                       11
<PAGE>
         Investment income
         ---------------

         Investment income increased $92,409 (148.3%) for the nine months
ended September 30, 2000 when compared to the comparable  period in 1999,
and $43,582  (217.4%) for the three months ended  September 30, 2000 when
compared to the comparable  period in 1999. These increases are primarily
due to an increase in short term invested balances.


         Provision for income taxes
         --------------------------

         The provision for income taxes  increased  $258,600  (38.0%) for
the nine months ended  September  30,2000 when compared to the comparable
period in 1999, and $33,700  (18.6%) for the three months ended September
30, 2000 when compared to the comparable  period in 1999. These increases
are due to increased  earnings  before taxes of $692,940  (37.9%)for  the
nine months  ended  September  30,2000 and $91,286  (18.8%)for  the three
months ended September 30,1999.


LIQUIDITY AND CAPITAL RESOURCES

         Working  capital  increased from $5,163,798 at December 31, 1999
to $6,860,005 at September 30, 2000. The current ratio increased from 6.9
to 1 at December 31, 1999 to 19.2 to 1 at September 30, 2000. The Company
has no  commitments  for any  further  significant  capital  expenditures
during the remainder of 2000,  and believes  that its working  capital is
and will continue to be sufficient to support its operating requirements.

         Cash flows provided by operating  activities  increased $204,090
(14.3%) for the nine months ended  September  30, 2000 when  compared the
comparable  period  in  1999.  This  increase  relates  primarily  to the
increase in earnings.

         Cash flows used in  investing  activities  increased  $1,691,707
(297.2%) in the nine months ended September 30, 2000 when compared to the
comparable  period in 1999.  This  increase  is mainly due to  additional
purchases of temporary investments.

         Cash flows used in financing activities increased $32,223 (9.6%)
in the  nine  months  ended  September  30,  2000  when  compared  to the
comparable period in 1999. This increase is mainly due to the increase in
dividends paid in 2000 compared to 1999.









                                    12
<PAGE>
                          PART II - OTHER INFORMATION


Item 6 (b)   Exhibits and Reports on Form 8-K

             a. Exhibits

                Exhibit 27.  Financial Data Schedule

             b. Reports on Form 8-K

                No  reports  have  been  filed  on Form 8-K  during  this
quarter.


                           UNITED-GUARDIAN, INC.

                                SIGNATURES


     In accordance with the  requirements of the Securities  Exchange Act
of 1934,  the  registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


                                      UNITED-GUARDIAN, INC.
                                       (Registrant)


                                      By:  Alfred R. Globus
                                           Alfred R. Globus
                                           Chief Executive Officer


                                       By: Kenneth H. Globus
                                           Kenneth H. Globus
                                           Chief Financial Officer


Date: November 2, 2000












                                    13