Companies have started delivering their financial results for the third quarter of 2010. Here’s a look at some of the stats in so far. (All percentage changes are based on the same period last year.)

PHARMACEUTICAL

Abbott made sales of $8.7 billion (£5.5 billion), a 12 per cent increase. Operating income decreased 28 per cent to $1.2 billion.

Eli Lilly made sales of $5.7 billion, a 2 per cent increase. Operating income increased 49 per cent to $1.7 billion. (more…)

Digg This
Reddit This
Stumble Now!
Share on Facebook
Bookmark this on Delicious
Share on LinkedIn
Bookmark this on Technorati
Post on Twitter
Google Buzz (aka. Google Reader)

PHARMACEUTICAL

Royal appointment for Pfizer

Pfizer has agreed to buy King Pharmaceuticals for $3.6 billion (£2.3 billion) in cash, equivalent to $14.25 per share. According to the US pharma giant, the deal represents a 40-per-cent premium based on the price on 11 October.

‘We are highly impressed by King’s innovative products and technology in the pain relief disease area, as well as by its success in advancing promising compounds in its pipeline,’ said Jeffrey Kindler, Pfizer chief executive. The company says the deal will bring cost savings of at least $200 million by the end of 2013.

King is a traditional pharma company that works with small molecules, which makes this an interesting move for Pfizer. The big pharma players are typically chasing biotechs to refill their pipelines. The reason? The large molecule drugs developed at biotechs are arguably likely to be less adversely affected by generic competition. King is perhaps best known for buying Alpharma for $1.6 billion in 2008, giving it access to Embeda (morphine-naltrexone), a pain reliever for patients in need of around-the-clock treatment. (more…)

Digg This
Reddit This
Stumble Now!
Share on Facebook
Bookmark this on Delicious
Share on LinkedIn
Bookmark this on Technorati
Post on Twitter
Google Buzz (aka. Google Reader)

PHARMACEUTICAL

World pharma market to increase growth

The global pharma market will grow 5-7 per cent to $880 billion (£554 billion) in 2011, according to a report. This would be an improvement on the expected 2010 growth of just 4-5 per cent. According to the report from market intelligence company IMS Health the industry will rebound from the global economic downturn, but underlying problems, such as the impact of generic competition, will hamper the recovery.

Much of the market growth will be in the newly-wealthy developing countries. For example, IMS says the market in China – already the third largest – will grow 25-27 per cent to over $50 billion. The major limiting factor will be the expiration of key drug patents. In 2011, products with sales of more than $30 billion are expected to face the prospect of generic competition in the major developed markets, according to the report. Reduced government spending on drugs is also likely to have an effect. (more…)

Digg This
Reddit This
Stumble Now!
Share on Facebook
Bookmark this on Delicious
Share on LinkedIn
Bookmark this on Technorati
Post on Twitter
Google Buzz (aka. Google Reader)

PHARMACEUTICAL 

Novartis settles marketing row

Another big pharma company is getting out its cheque book to resolve claims of illegal marketing of its drugs in the US. This time it is Novartis and the headline figure is $423 million (£267 million), comprising $185 million to settle the criminal charges and $238 million to settle the civil.

The compound at the centre of the story is epilepsy drug Trileptal (oxcarbazepine), which Novartis allegedly promoted as a treatment for psychiatric conditions and pain – uses that it did not have approval for. In addition, the agreement resolves allegations that the company paid kickbacks to health-care professionals to encourage them to prescribe Trileptal and five other drugs. Under the terms of the deal, Novartis will plead guilty to one misdemeanour. (more…)

Digg This
Reddit This
Stumble Now!
Share on Facebook
Bookmark this on Delicious
Share on LinkedIn
Bookmark this on Technorati
Post on Twitter
Google Buzz (aka. Google Reader)

shellgasstation

While times are hard for BP as mentioned in the last edition of the Commercial Chemist, one of its biggest competitors, Shell, seems to be reaping the benefits.

Shell reports a 15 per cent increase in second quarter net profits to $4.39 billion (£2.82 billion) compared to $3.82 billion in the same quarter a year ago, which is a huge contrast to BP’s fortunes.

‘This is a good performance from Shell despite today’s challenging macro economic conditions. We are on track for growth,’ said Shell chief executive Peter Voser, who whilst offering his sympathy for all those affected by the Gulf of Mexico oil spill insisted that deep-water oil production was still vital.

Shell’s net profit, that takes into account the value of inventories of oil and gas, has soared to $4.21 billion in the last three months, whilst their cost saving programmes have led to $3.5 billion in annualised savings.

Shell investments have secured a 5 per cent increase – to 3.1 million barrels – in oil and gas production for the quarter and chemical product sales have increased by 18 per cent compared to the second quarter of 2009. (more…)

Digg This
Reddit This
Stumble Now!
Share on Facebook
Bookmark this on Delicious
Share on LinkedIn
Bookmark this on Technorati
Post on Twitter
Google Buzz (aka. Google Reader)

« Previous Page