SinfulColors helps fuel Revlon’s Q1 sales
NEW YORK — Beauty brand Revlon posted a net loss during the first quarter, including charges, as net sales rose 2.1%, excluding the unfavorable impact of foreign currency fluctuations.
“Our strategic goal is to drive profitable growth and, in the first quarter of 2013, we grew net sales by 2.1%. We introduced several successful, consumer-preferred products in the marketplace and we increased support behind our brands. Our SinfulColors acquisition performed very well, and we are on track with the integration of our more recently acquired Pure Ice brand, which is also performing well. Lastly, in the quarter, we improved our capital structure by refinancing our senior notes and amending our bank term loan, reducing interest rates and extending maturities on our debt,” stated Alan T. Ennis, president and CEO.
Net sales in the quarter were $331.9 million, compared with $330.7 million in the year-ago period. The increase was primarily driven by higher net sales of Revlon and SinfulColors color cosmetics and the inclusion of the net sales of Pure Ice, partially offset by lower net sales of Almay color cosmetics and Revlon ColorSilk hair color.
Net loss during the quarter was $6.9 million, or 13 cents per diluted share, compared with net income of $8.5 million, or 16 cents per diluted share, in the year-ago period. Net loss in 2013 included charges of $27.9 million ($16.9 million after tax) related to the 2013 refinancing of the company’s senior notes, the amendment of its bank term loan and the $8.3 million gain on the insurance settlement noted above.
In the United States, net sales were $192.1 million, up 4% compared with the year-ago period, the company stated.
Mylan marks 25th anniversary of EpiPen’s approval by giving it away for free
BASKING RIDGE, N.J. — Mylan Specialty announced Thursday the introduction of a "$0 Co-Pay Offer" on a product used to treat severe allergic reactions.
The drug maker is offering a co-pay card to patients with or without insurance for the EpiPen in recognition of the 25th anniversary of its approval by the Food and Drug Administration. The co-pay card is available online at EpiPen.com, and the offer will expire on Dec. 31.
"Mylan has a long-standing dedication to increase access to epinephrine auto-injectors through innovative access solutions such as the EpiPen4Schools program, and we’re pleased to continue that commitment by introducing our $0 Co-Pay Offer," Mylan CEO Heather Bresch said.
Strengthening of drug supply chain’s effects on independent pharmacies raises concerns
WASHINGTON — The House Committee on Energy and Commerce Subcommittee on Health heard testimony on Thursday morning from representatives of the Food and Drug Administration and several industry trade groups following the introduction of draft legislation that sponsors said would strengthen the country’s pharmaceutical supply chain.
The hearing, Securing Our Nation’s Prescription Drug Supply Chain, focused on what subcommittee chairman Joe Pitts, R-Pa., called in his opening remarks the "downstream" supply chain, which includes pharmacies, repackagers, third-party logistics providers, wholesale distributors and manufacturers. On Monday, Reps. Bob Latta, R-Ohio, and Jim Matheson, D-Utah, introduced a discussion draft of legislation that would amend the Federal Food, Drug and Cosmetic Act to strengthen the supply chain.
Pitts noted that while some supply chain provisions were included in the Food and Drug Administration Safety and Innovation Act, a comprehensive "track and trace" policy has yet to be finished.
"In order to ensure that counterfeit or stolen drugs do not enter the supply chain and harm patients, states have passed laws that require or will require those involved in the downstream supply chain to keep pedigrees or transaction histories of drugs," Pitts said. "Some believe that these differing state requirements should be replaced with a reasonable, practical and feasible federal policy.
Witnesses testifying included representatives from the FDA, the Generic Pharmaceutical Association, the National Community Pharmacists Association (NCPA), the National Association of Boards of Pharmacy, the Healthcare Distribution Management Association and others.
Speaking on behalf of the NCPA, Beaver, Pa., pharmacy owner Tim Davis expressed concerns about what the group calls the potentially burdensome legislative requirements on independent pharmacies and talked about how pharmacies are already addressing problems.
"It is my belief that the United States pharmaceutical supply chain is largely safe and secure," Davis said in his testimony. "Most practicing pharmacists today have a heightened awareness of the possibility of counterfeit or diverted drugs and therefore recognize the critical importance of purchasing medications only from trusted trading partners or wholesalers."
Davis said the "patchwork nature" of state-level drug-pedigree laws creates uncertainty and possible vulnerabilitie. discussions about track-and-trace at the individual unit level are worrisome because the technologies required are not fully developed.
Rep. Morgan Griffith, R-W.Va., echoed Davis’ concerns, noting that his state is largely rural and home to many independent pharmacies.
"People are used to going to those pharmacies; they like those pharmacies," Griffith said while questioning FDA Center for Drug Evaluation and Research director Janet Woodcock, who responded by saying that implementing policies like track-and-trace in a "stepwise way" would be the best approach.
Meanwhile, the Generic Pharmaceutical Association expressed support for making medicines traceable.
"We believe that every American deserves a uniform, nationwide system for monitoring and protecting the medicines they rely on," GPhA SVP policy and strategic alliances Christine Simmon said, expressing support for a "building blocks" approach to securing the supply chain. "To fully realize the benefits of an improved system, it is critical that we construct a path that both improves safety and provides a practical roadmap for implementation."
The GPhA and NCPA both expressed opposition to implementing a system like the one that will soon be implemented in California, saying that its requirement to track and trace throughout the supply chain at the individual level would be overly burdensome.