Teva reports Q4, full-year results
JERUSALEM — Drug maker Teva on Tuesday said its North American sales during the fourth quarter ended Dec. 31 drove the drug maker’s financial well-being.
Sales in North America for the fourth quarter reached $2.5 billion, accounting for 56% of total sales and representing an increase of 7% compared with the year-ago period. U.S. generic sales may have dropped 5% to $1.3 billion, but Teva noted that key contributors to the quarter’s sales included continued strong sales of generic versions of Effexor XR (venlafaxine) and Pulmicort Respules (budesonide), as well as continued solid sales of Copaxone.
For the full year, Teva said its North American sales rose 16% to nearly $10 billion.
Overall sales for the company reached nearly $4.42 billion in the fourth quarter, a 16% increase, while full-year sales rose to $16.1 billion from $13.9 billion in 2009.
Medco School of Pharmacy to open at Fairleigh Dickinson
MADISON, N.J. — Pharmacy benefit manager Medco Health Solutions is donating $5 million toward the construction of a new school of pharmacy in New Jersey.
Franklin Lakes, N.J.-based Medco announced that the Medco School of Pharmacy at Fairleigh Dickinson University would be New Jersey’s first pharmacy school affiliated with an independent university. The school will admit 85 students per year.
“For the last decade, Medco has pioneered new pharmacy practice models, with a particular focus on personalized medicine and specialized care for patients with chronic conditions in an effort to improve the overall health of our members and reduce costs for payers,” Medco chairman and CEO David Snow said. “We are proud to work with Fairleigh Dickinson University in the opening of the Medco School of Pharmacy and to offer our experiences and expertise in support of a new generation of pharmacy school graduates who will be able to apply their education across a wide range of healthcare fields.”
Salix, Progenics ink licensing deal for Relistor
TARRYTOWN, N.Y. — Salix Pharmaceuticals and Progenics Pharmaceuticals have entered a licensing agreement for a drug used to treat side effects of opioid use.
The two companies signed the agreement for Relistor (methylnaltrexone bromide), an injected drug used to treat opioid-induced constipation in patients for whom laxatives haven’t worked.
Under the agreement, Salix will license rights to the drug worldwide, except for in Japan, where Progenics has an agreement with Ono Pharmaceuticals. Salix will pay Progenics $60 million upfront and $90 million in milestone payments, as well as up to $200 million in royalties on sales and 60% of all revenue received from non-U.S. sublicensees.
Worldwide net sales of the drug were $16 million in 2010, according to the companies.