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     June 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 Pages
<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 the latest practicable date:

                                4,899,039
                              -------------







































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

                                       INDEX


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

         Consolidated Statements of Earnings -
                  Three and Six Months Ended
                  June 30, 2000 and 1999                               2

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

         Consolidated Statements of Cash Flows -
                  Six Months Ended June 30, 2000 and 1999              5

         Consolidated Notes to Financial Statements                    6-9

         Management's Discussion and Analysis of
                    Financial Condition and Results of
                  Operations                                           10-11

Part II. Other Information                                             12































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


                               SIX MONTHS ENDED           THREE MONTHS ENDED
                                   JUNE 30,                     JUNE  30,
                               2000         1999          2000          1999
                               ----         ----          ----          ----
Revenue:
  Net sales               $ 5,853,810  $ 4,966,017    $ 2,940,461  $ 2,552,042
                            ---------    ---------      ---------    ---------
Costs and expenses:
  Cost of sales             2,874,747    2,618,772      1,403,662    1,306,007
  Selling, general and
    administrative          1,126,143    1,047,141        638,278      564,012
                            ---------    ---------      ---------    ---------
                            4,000,890    3,665,913      2 041,940    1,870,019
                            ---------    ---------      ---------    ---------
      Earnings from
         operations         1,852,920    1,300,104        898,521      682,023

Other income (expense):
  Interest expense               (134)         (73)           (61)         -
  Investment Income            91,088       42,261         51,637       23,288
  Other                           -            (72)          -             (27)
                             ---------    ---------      ---------    ---------
        Earnings before
         income taxes       1,943,874    1,342,220        950,097      705,284


Provision for
   income taxes               725,500      500,600        354,800      263,800
                            ---------    ---------      ---------    ---------

      Net earnings        $ 1,218,374  $   841,620    $   595,297  $   441,484
                            =========    =========      =========    =========
Earnings per common
   share - Basic and
   Diluted                $      0.25  $      0.17    $      0.12  $      0.09
                            =========    =========      =========    =========

Basic weighted average
   shares                   4,892,934    4,883,139      4,895,609    4,883,139
                            =========    =========      =========    =========
Diluted weighted
   average shares           4,920,646    4,900,646      4,923,387    4,900,835
                            =========    =========      =========    =========







                           See notes to financial statements.

                                         2
<PAGE>
                              UNITED-GUARDIAN, INC.
                           CONSOLIDATED BALANCE SHEETS



                                               JUNE 30         DECEMBER 31
                                                2000               1999
                                            ------------       -------------
              ASSETS                         (UNAUDITED)  (DERIVED FROM AUDITED
                                                           FINANCIAL STATEMENTS)
Current assets:
    Cash and cash equivalents           $    2,218,511      $    2,014,556
    Temporary investments                    2,003,728           1,050,238
    Marketable securities                      291,843             286,791
    Accounts receivable
         (less allowance for doubtful
          accounts of $54,949 at
          June 30, 2000 and $60,700 at
          December 31, 1999)                 1,050,541             984,791
     Inventories                             1,070,583           1,311,183
     Prepaid expenses and other
          current assets                       244,667             220,723
     Deferred income taxes                     173,259             174,193
                                           -----------         -----------
              Total current assets           7,053,132           6,042,475
                                           -----------         -----------

Property, plant and equipment:
     Land                                       69,000              69,000
     Factory equipment and fixtures          2,567,746           2,471,632
     Building and improvements               1,981,845           1,980,404
     Waste disposal plant                      133,532             133,532
                                           -----------         -----------
                                             4,752,123           4,654,568
      Less: Accumulated depreciation         3,415,449           3,290,120
                                           -----------         -----------
                                             1,336,674           1,364,448
                                           -----------         -----------
Other assets:
      Processes and patents, net               112,918             138,840
      Split dollar life insurance              348,161             348,161
      Other                                      1,000               1,000
                                           -----------         -----------
                                               462,079             488,001
                                           -----------         -----------
                                        $    8,851,885      $    7,894,924
                                           ===========         ===========








                         See notes to financial statements.

                                         3
<PAGE>
                              UNITED-GUARDIAN, INC.
                           CONSOLIDATED BALANCE SHEETS



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

Current liabilities:
   Dividends payable                       $     -             $  391,131
   Accounts payable                           223,732             281,422
   Accrued expenses and other                 361,856             195,932
   Current portion of long-term
      debt                                     10,290              10,192
                                            ---------           ---------
         Total current liabilities            595,878             878,677
                                            ---------           ---------
Long-term debt, net of current
   portion                                        866               6,036
                                            ---------           ---------
Deferred income taxes                          10,000              10,000
                                            ---------           ---------

Stockholders' equity:
   Common stock $.10 par value,
      authorized 10,000,000 shares,
      issued and outstanding 4,899,039
      and 4,889,339 respectively              489,904             488,934
   Capital in excess of par value           3,367,328           3,343,417
   Accumulated other comprehensive
       income                                  16,411              14,736
   Retained earnings                        4,371,498           3,153,124
                                            ---------           ---------
         Total stockholders' equity         8,245,141           7,000,211
                                            ---------           ---------
                                         $  8,851,885        $  7,894,924
                                            =========           =========














                        See notes to financial statements.


                                       4
<PAGE>
                              UNITED-GUARDIAN, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

                                                          SIX MONTHS ENDED
                                                                 JUNE 30,
                                                               --------
                                                         2000           1999
                                                       -------        -------

Cash flows provided by operating activities:
  Net earnings                                     $ 1,218,374    $   841,620
  Adjustments to reconcile net earnings
    to net cash flows from operations:
      Depreciation and amortization                    151,251        151,847
      Provision for doubtful accounts                     -              (460)
      (Increase) decrease in assets:
         Accounts receivable                           (65,750)      (183,763)
         Inventories                                   240,600        125,896
         Prepaid expense and other current assets      (23,944)       (11,521)
      Increase (decrease) in liabilities:
         Accounts payable                              (57,690)      (126,327)
         Accrued expenses and other                    165,924        180,788
                                                      --------       --------
      Net cash provided by operating activities      1,628,765        978,080
                                                      --------       --------

Cash flows from investing activities:
   Acquisition of property, plant and equipment        (97,555)       (14,851)
   Net change in temporary investments                (953,490)      (514,769)
   Purchase of marketable securities                    (2,443)        (2,523)
   Proceeds from sale of marketable securities            -            24,854
                                                      --------       --------
      Net cash used in investing activities         (1,053,488)      (507,289)
                                                      --------       --------
Cash flows from financing activities:
   Principal payments on long-term debt                 (5,072)        (5,133)
   Proceeds from exercise of stock options              24,881           -
   Dividends Paid                                     (391,131)      (341,820)
                                                      --------       --------
     Net cash used in financing activities            (371,322)      (346,953)
                                                      --------       --------

Net increase in cash and cash
  equivalents                                          203,955        123,838

Cash and cash equivalents at beginning
  of period                                          2,014,556      1,320,610
                                                     ---------      ---------
Cash and cash equivalents at end of period         $ 2,218,511    $ 1,444,448
                                                     =========      =========




                       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 June 30, 2000 and December 31, 1999 and the results of operations  and
cash flows for the three and six months ended June 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 six months ended
June 30, 2000 and 1999 are not  necessarily  indicative of the results to
be expected for the full year.

         3. 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 $134 and $73 for the six
months ended June 30, 2000 and 1999 respectively.

             Cash  payments for taxes were  $730,867 and $883,368 for the
six months ended June 30, 2000 and 1999 respectively.

         4. Comprehensive Income

           The components of comprehensive income are as follows:

                                                         Six months ended
                                                                 June 30,
                                                      2000             1999
                                                    -------          -------
                Net income                       $1,218,374        $ 841,620
                                                  ---------          -------
                Other comprehensive income
                   Unrealized gain on
                     marketable securities            2,609            5,873
                                                  ---------          -------
                Net unrealized gains                  2,609            5,873
                                                  ---------          -------
                Income tax expense on
                  comprehensive income                  934            2,173
                                                  ---------          -------
                Other comprehensive income            1,675            3,700
                                                  ---------          -------
                Comprehensive income             $1,220,049        $ 845,320
                                                  =========          =======


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



                                       6
<PAGE>
                          UNITED-GUARDIAN, INC.
                CONSOLIDATED NOTES TO FINANCIAL STATEMENTS


         5. Earnings Per Share

         The  following  table  sets for the  computation  of  basic  and
diluted earnings per share at June 30, 2000 and 1999.

                                                     2000             1999
                                                    -------          -------
          Numerator:
            Net income                            $1,218,374       $  841,620
                                                   ---------        ---------

          Denominator:
            Denominator for basic earnings
            per share (weighted average
            shares)                                4,892,934         4,883,139

            Effect of dilutive securities :
              Employee stock options                  27,712            17,705
                                                   ---------         ---------
            Denominator for diluted earnings
            per share (adjusted weighted-average
            shares) and assumed conversions        4,920,646         4,900,646
                                                   =========         =========
          Basic and diluted earnings per share    $     0.25        $    0.17
                                                   =========         =========

         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.


         6.  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.  Corporate represents those
assets,  liabilities and expenses not allocable to specific segments. The
following  information about the two segments is for the six months ended
June 30, 2000 and 1999.





                                        7
<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   $ 5,020,389    $   833,421    $ 5,853,810      $ 4,109,308    $   856,709    $ 4,966,017
Depreciation and amortization           83,513           -            83,513           83,180           -            83,180
Segment earnings (loss before
  income taxes)                      1,867,382         80,506      1,947,888        1,366,608          20,272     1,386,880

Segment assets                       2,452,040        459,530      2,911,570        2,291,795         515,283     3,207,078

Expenditures for segment assets         85,619            -           85,619            1,816            -            1,816

Reconciliation to Consolidated Amounts

Earnings before income taxes
----------------------------
Total earnings for reportable segments                             1,947,888                                      1,386,880
Other earnings                                                        90,954                                         42,116
Corporate headquarters expense                                       (94,968)                                       (86,776)
                                                                 -----------                                    -----------
Consolidated earnings before income
   taxes                                                           1,943,874                                      1,342,220

Assets
------
Total assets for reportable segments                               2,911,570                                      3,207,078
Corporate headquarters                                             5,940,315                                      4,142,586
                                                                 -----------                                    -----------
      Total consolidated assets                                  $ 8,851,885                                    $ 7,349,664
                                                                 ===========                                    ===========
</TABLE>



















                                         8
<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                    $    -        $      134     $       134         $    -        $       73     $        736
Expenditures for assets                85,619         11,936          97,555             1,816         13,035          14,8511
Depreciation and amortization          83,513         67,738         151,251            83,180         68,667         151,8479

</TABLE>
<TABLE>
<CAPTION>
Geographic Information
----------------------
                                                       2000                                1999
                                           ---------------------------         ---------------------------
                                             Revenues      Long-Lived            Revenues      Long-Lived
                                                             Assets                              Assets
                                           -----------    -------------        -----------    -------------
<S>                                        <C>           <C>                   <C>           <C>
United States                              $ 2,982,324   $    1,449,592        $ 2,951,333   $    1,586,373
France                                         954,792                             658,023
Other countries                              1,916,694                           1,356,661
                                           -----------    -------------        -----------    -------------
                                           $ 5,853,810   $    1,449,592        $ 4,966,017   $    1,586,373
                                           ===========    =============        ===========    =============

Major Customers
---------------
Customer A (Guardian)                      $ 1,060,834                         $ 1,070,451
Customer B (Guardian)                          911,790                             612,594
All other customers                          3,881,186                           3,282,972
                                           -----------                         -----------
                                           $ 5,853,810                         $ 4,966,017
                                           ===========                         ===========
</TABLE>














                                        9
<PAGE>
                   MANAGEMENT'S DISCUSSION AND ANALYSIS
             OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


RESULTS OF OPERATIONS

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

         Net sales  increased  $887,793  (17.9%) for the six months ended
June 30, 2000  compared to the  comparable  period in 1999.  The Guardian
Laboratories  division  ("Guardian")  had a sales  increase  of  $911,081
(22.2%) while the Eastern  Chemical  subsidiary  ("Eastern")  had a sales
decrease of $23,288 (2.7%).

         For  the  three  month  period  ended  June  30,  2000,  revenue
increased  $388,419 (15.2%) over the comparable period in 1999.  Guardian
sales increased  $429,465 (20.2%),  while Eastern sales decreased $41,046
(9.7%).

         The increase in Guardian's  sales was mainly due to 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 primarily
the  result  of  normal   fluctuations  in  the  purchasing  patterns  of
customers.

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

         Cost of sales as a  percentage  of sales  decreased to 49.1% for
the six months ended June 30, 2000 from 52.7% for the  comparable  period
ended June 30,  1999.  For the three  month  period  ended June 30,  2000
compared to the three  month  period June 30, 1999 the cost of sales as a
percentage of sales  decreased to 47.7% from 51.2%.  The  decreases  were
mainly due to an efficiency in overhead absorption created by in increase
in production during the first six months in 2000.

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

         Operating  expenses  increased  $79,002 (7.5%) in the six months
ended June 30, 2000 compared to the  comparable  period in 1999.  For the
three months ended June 30, 2000  operating  expenses  increased  $74,266
(13.2%)  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 fiscal year and year to date
are satisfactory enough to do so.





                                       10
<PAGE>
         Investment income
         ---------------

         Investment  income increased $48,827 (115.5%) for the six months
ended June 30, 2000 when compared to the  comparable  period in 1999, and
$28,349  (121.7%) for the three months ended June 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  $224,900  (44.9%) for
the six months ended June 30, 2000 when compared to the comparable period
in 1999,  and $91,000  (34.5%) for the three  months  ended June 30, 2000
when compared to the comparable  period in 1999.  These increases are due
to increased  earnings  before taxes of $601,654 for the six months ended
June 30, 2000 and $244,813 for the three months ended June 30, 2000.


LIQUIDITY AND CAPITAL RESOURCES

         Working  capital  increased from $5,163,798 at December 31, 1999
to $6,457,254 at June 30, 2000. The current ratio increased from 6.9 to 1
at December  31, 1999 to 11.8 to 1 at June 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 $650,685
(66.5%)  for the six  months  ended  June  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  $546,199
(107.7%)  in the six months  ended  June 30,  2000 when  compared  to the
comparable  period  in 1999.  This  increase  is  mainly  due  additional
investments in temporary investments.

         Cash flows used in financing activities increased $24,369 (7.0%)
in the six months  ended June 30, 2000 when  compared  to the  comparable
period in 1999.  This  increase  is mainly  due to the  increase  in cash
dividends paid in 2000 when compared to 1999.

IMPACT OF THE "YEAR 2000" ISSUE

         All of the  Registrant's  key  information  and  non-information
technology  systems  were  determined  to be,  or made to be,  Year  2000
("Y2K")  compliant  prior to the end of 1999,  and none  experienced  any
problems at the end of 1999 and  beginning of 2000.  Registrant  believes
that it has  made  all of the  changes  necessary  to  avoid  any  future
problems  related  to the Y2K  issue,  and does not  expect  to incur any
further expense in this area.



                                       11
<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:  August 3, 2000

















                                    12