P&G posts Q3 results up 2%
CINCINNATI — Procter & Gamble has announced that third-quarter sales rose 2% as net earnings per share rose 7%.
“We delivered another quarter of steady progress,” stated chairman, president and CEO, Bob McDonald. “Top-line growth was in line with our expectations. Market shares improved broadly. Strong cost savings enabled us to exceed our outlook on the bottom line. We increased our dividend earlier this month, and we are now projecting to repurchase $6 billion in stock, which is at the high end of our estimated range. We expect further top-line improvement in the fourth quarter, driven by innovation and portfolio expansion, enabled by continued productivity improvement.”
Net sales increased 2% to $20.6 billion in the January-to-March quarter, including unfavorable foreign exchange of 1%. Organic sales grew 3%.
Diluted net earnings per share were 88 cents, an increase of 7% versus the prior year period. Excluding noncore charges of 11 cents per share in the current year, core earnings per share were 99 cents, an increase of 5% versus the prior year period.
Net sales decreased 2% in hair care and skin care in a period of heavy competitive product and promotional activity. Meanwhile, blades and razors net sales increased versus the prior year driven primarily by innovation in the United States and pricing and product mix improvement in developing regions, P&G stated. Oral Care net sales also grew in developed and developing markets due to innovation and portfolio expansion.
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Hospira looks to U.S. as it marks European biosimilar milestone
CHICAGO — Generic drug maker Hospira marked its fifth year marketing knock-off versions of biotech drugs in Europe Wednesday as it presented at the 2013 Biotechnology Industry Organization International Convention this week.
The drug maker said it delivered more than 5 million doses of biosimilar medicines to patients in Europe and Australia. The convention includes multiple sessions devoted to such topics as biosimilar regulatory approval, manufacturing and market formation, the company said.
"Bringing biosimilars to the United States is the next major step toward reducing costs for the U.S. healthcare system," Hospira president Thomas Moore said. "As the first U.S. company to market biosimilars globally, Hospira will build on our track record of success to introduce biosimilars in the United States and increase access for Americans to high-quality, biologic medications that treat severe and life-threatening diseases."
The company said its products entered the European and Australian markets after "robust" regulatory approval processes and that they had been subject to extensive post-marketing studies to test their effectiveness and safety. By contrast, the Patient Protection and Affordable Care Act of 2010 contained provisions for an abbreviated biosimilar approval pathway in the United States, similar to the one for generic pharmaceutical drugs, but the Food and Drug Administration has yet to finalize and implement regulations.
Nevertheless, biotechnology companies in particular point out the fundamental difference between biosimilars and generic pharmaceuticals. Generic pharmaceuticals are made under the same process as their brand-name counterparts, but biotech drugs are made by manipulating the DNA of cells so that they churn out medicinal compounds. The sticking point is that because the cell line used by the maker of a brand-name biotech drug and that used by a biosimilar manufacturer would be different, there is the possibility that the original product and the biosimilar could differ in terms of safety and efficacy. As such, the regulatory pathway for biosimilars will require some clinical trials before the FDA can approve them, a process not required for generic pharmaceuticals.
At the same time, many states have sought to pass laws that would allow physicians to bar pharmacists from supplying biosimilars. Gov. Bob McDonnell of Virginia recently signed such a bill into law, and Florida’s state legislature has advanced a similar law, but the laws contain sunset provisions, meaning they would likely expire before any biosimilars came to market.
Dollar General to donate $2,000 to blood-clot education effort
GOODLETTSVILLE, Tenn. — Dollar General will benefit a nonprofit outreach program focused on blood clots, the discount store chain said.
Dollar General announced it would match the $2,000 donation that NASCAR Nationwide Series driver Brian Vickers made to Clot Connect. Vickers was diagnosed in early 2010 with blood clots that forced him to miss the remainder of the season and worked with University of North Carolina at Chapel Hill physicians and Clot Connect to make informed decisions on his healthcare.
"Dollar General’s matching contribution will allow us to reach more people with life-saving and life-changing information," Clot Connect director Beth Waldron said. "We are also grateful for the support of our educational outreach from Brian Vickers, who is an inspiring advocate for clot awareness and Clot Connect."
About 600,000 Americans are affected by blood clots, deep vein thrombosis and pulmonary embolism each year, Dollar General noted.
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