Impax reports sales, profit increases in third quarter
HAYWARD, Calif. — Drug maker Impax Labs reported sales of $119.8 million and profits of $20 million in third quarter 2011, according to an earnings report released Tuesday.
The latest sales figures represented a $12.2 million increase over third quarter 2010, while profits were $4.2 million higher.
"During the third quarter, we continued to make significant quality improvements and are diligently working to resolve the manufacturing observations raised in the June warning letter," Impax president and CEO Larry Hsu said. "These efforts remain a top priority throughout the company. However, it has not distracted us from continuing to focus on our business as evidenced by our profitable results in the third quarter or hindered our investments in new product opportunities."
The Food and Drug Administration sent a warning letter to the company in June saying the agency had found "deviations" from current good manufacturing practice, or cGMP, related to inspections of a Hayward, Calif., plant that took place between December 2010 and January 2011. The inspections led to a wholesale-level recall of fenofibrate capsules in the 200 mg strength, a drug used to lower cholesterol and triglycerides in the blood.
Watson sales, profits surge in Q3
PARSIPPANY, N.J. — Watson Pharmaceuticals had sales of $1.1 billion and profits of $68.1 million in third quarter 2011, the drug maker said in an earnings statement Tuesday.
The latest figures compared with sales of $882.4 million and profits of $25.7 million in third quarter 2010, the company said. For the first nine months of 2011, sales were $3.04 billion and profits were $166.1 million, compared with sales of $2.61 billion and profits of $166.1 million in the first nine months of 2010.
Global sales of generic drugs totaled $792.4 million, compared with $566.1 million in third quarter 2010. Generics sales for the first nine months of 2011 were $2.19 billion, compared with $1.69 billion during the first nine months of 2010. Global branded products sales were $92.5 million, compared with $82.4 million in third quarter 2010, while sales for the first nine months of 2011 were $264.8 million, compared with $231.7 million during the same period in 2010.
"Our exceptional performance in the third quarter, as measured by double-digit revenue and earnings growth, was driven once again by our focus on the execution of our business growth strategies in global generics and brands and our continued focus on operational excellence," Watson president and CEO Paul Bisaro said.
Pfizer could lose No. 1 global sales ranking to Sanofi next year, report finds
LONDON — Pfizer soon may lose its distinction of having the highest global sales of any drug company, according to life sciences industry analysis firm EvaluatePharma.
The next contender for the title is France’s Sanofi, which EvaluatePharma said was expected to take the top spot next year and stay there through 2016.
The firm attributed the French drug maker’s rise to its mergers and acquisitions activity, particularly its purchase earlier this year of U.S. biotech manufacturer Genzyme Corp. "The takeover of Genzyne, an aggressive cross-border move, revealed just how much the culture of Sanofi has changed in the last few years," EvaluatePharma CEO Jonathan de Pass said. "Coming just as Pfizer loses Lipitor, the acquisition should be enough to secure Sanofi the top spot for the next few years, our data suggest."
Lipitor (atorvastatin calcium) is the top-selling drug in the world, with more than $7 billion in sales in the United States alone, according to IMS Health. But Indian drug maker Ranbaxy Labs is expected to launch a generic version of the drug later this month. Pfizer, long reliant on the blockbuster model of drug development, has sought to weather the effects of generic competition by increasing its focus on specialty drugs, as have other major drug makers like Merck & Co. and Bristol-Myers Squibb.
Still, Merck, which EvaluatePharma currently ranked fourth in terms of sales, is expected to move down to the fifth and sixth places next year and through 2016, while Bristol is expected to move from 13th place to 16th next year and 17th in 2014 before moving up again to 13th place in 2016.