Mylan’s Q1 sales increase by 12%; judge dismisses case against FDA
PITTSBURGH — Sales at generic drug maker Mylan increased by 12% during first quarter 2011, compared with first quarter 2010, the company said Tuesday.
Sales for the three months ended March 31 were $1.45 billion, compared with $1.29 billion during the same period a year ago. Profits, meanwhile, were $104.2 million, compared with $61.1 million in first quarter 2010.
“I am very pleased with our financial results for the first quarter of 2011, which developed much as we expected,” Mylan chairman and CEO Robert Coury said. “Through the previous steps we have taken to strategically diversify our business, not only have we realized the benefits of a well-balanced platform, but we [also] have put ourselves in a position to be able to better absorb the inherent dynamics of the global marketplace, while at the same time delivering accelerated revenue growth and strong bottom-line performance.”
In other news, a federal judge in Washington dismissed Mylan’s lawsuit against the Food and Drug Administration concerning a version of the cholesterol-lowering drug Lipitor (atorvastatin) made by competitor Ranbaxy Labs, according to published reports. Mylan had sued the FDA, arguing that due to safety violations found at Ranbaxy manufacturing plants in India, it and other companies should be allowed to market versions of Lipitor ahead of Ranbaxy’s scheduled launch in November. Bloomberg reported that U.S. District Judge James Boasberg dismissed the claim, saying that Mylan couldn’t sue over a pending application filed by a competitor.
BioScrip reports turnaround in Q1
ELMSFORD, N.Y. — First quarter 2011 sales at specialty pharmacy provider BioScrip increased by 31.1% over first quarter 2010. The company also showed a profit, compared with losses during the same period last year, according to financial results released Tuesday.
The company had sales of $439.3 million, compared with $335.1 million in first quarter 2010, while profits were $2.9 million, compared with losses of $7.2 million a year ago.
“We are beginning to realize early results of the restructuring efforts put in place last year, particularly in reducing our overall expenses,” BioScrip president and CEO Rick Smith said.
CVS Caremark relaunches website for PBM members
WOONSOCKET, R.I. — In an effort to further enhance the online experience for its pharmacy benefit management members, CVS Caremark announced it has relaunched Caremark.com.
The updated website, which boasts improved navigation and easy-to-understand language, is enhanced to provide PBM members a comprehensive destination site that allows them to easily manage their prescription benefits.
Caremark.com also sports such new features as:
My Dashboard: A personalized dashboard featuring a dynamic, tailored list of action items for the member, including placing orders, identifying savings opportunities, updating his or her profile and viewing his or her medication history;
Medication History: Members can view their past and current prescriptions in one place; and
Easy Refills: Faster and easier ways to place orders, manage alerts and use mobile apps.
CVS Caremark members with Caremark.com accounts do not need to re-register on the new site, the company noted.
"The relaunch of Caremark.com is another example of our commitment to finding innovative and effective ways to engage our PBM members to help them make quality healthcare decisions," said Tim Kurth, VP e-business at CVS Caremark. "The refreshed site design, use of member-focused language and a variety of new features make it even easier for our members to manage their prescriptions online, stay adherent to their medications and identify opportunities for increased savings."