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17Apr2000 JAPAN: Clinical trials for Prozac started.
On 11 Apr 2000 Eli Lilly announced the start of pharmacokinetic
studies on Prozac (fluoxetine HCl) by Chugai Clinical Research
KK (joint venture of Chugai Pharmaceutical and Eli Lilly Japan.
The company expects to file an NDA within two to three years.
Pharma Japan, No. 1693
(c) Royal Society of Chemistry 2000.
Sources:CHEMICAL BUSINESS NEWSBASE
PHARMA JAPAN 17/04/2000 P8
17Apr2000 USA: (R)-Fluoxetine - FTC investigation over.
The US Federal Trade Commission has concluded its
investigation of the (R)-fluoxetine licensing agreement between
Sepracor and Eli Lilly. The compound is a modified version of
Prozac (fluoxetine), and was developed by Sepracor. Eli Lilly
has been granted exclusive worldwide development and
commercialization rights.
Chemical Market Reporter
Website: http://www.chemexpo.com/cmronline
(c) Royal Society of Chemistry 2000.
Sources:CHEMICAL BUSINESS NEWSBASE
CHEMICAL MARKET REPORTER 17/04/2000
17Apr2000 USA: UPDATE 1-Lilly quarterly profits rise, Prozac sales
stable.
(Adds details, analysts' comments, changes dateline PVS
Indianapolis)
By Kathy Fieweger
CHICAGO, April 17 (Reuters) - Eli Lilly and Co., a leading
U.S. drug maker, said on Monday its profits rose 18 percent in
the first quarter excluding one-time items, fuelled by higher sales
of newer drugs and stable sales of the world's No. 1
antidepressant, Prozac.
Lilly said earnings rose to $692.3 million, or 63 cents per share,
from $588.8 million, or 53 cents a share, in the year-ago period.
Analysts' consensus forecast was 61 cents a share, according to
First Call/Thomson Financial.
Sales rose to $2.54 billion from $2.26 billion a year earlier.
Sales of Prozac, Lilly's top-selling drug, rose 1 percent to
$596.2 million following a decline of 13 percent in the 1999 fourth
quarter. Lilly said wholesale buying was abnormally low in the
year-ago first quarter.
Alex Zisson, an analyst at Chase H&Q, said the first-quarter gain
in Prozac sales, even though minimal, was surprising considering
big declines posted in the last few quarters.
The overall prescription trend for Prozac is still down, analysts
said. Prozac sales outside the United States crumbled in the first
quarter, especially in Britain, where a generic competitor was
introduced.
Lilly said two one-time events affected results in the first quarter:
an after-tax gain of $214 million on the sale of its Kinetra joint
venture to Healtheon/WebMD Corp., and $91 million in sales that
would normally have been booked in the first quarter were instead
realised in the 1999 fourth quarter because of Y2K-related
wholesaler buying patterns.
"Our strong first-quarter performance reflects the successful
execution of our growth strategy," said Sidney Taurel, Lilly
chairman, president and chief executive. "Sales growth was
substantially driven by newer products, expense growth was
channelled into expanded support for those products, and
research spending is driving a number of products into their final
phase of clinical testing."
Overall, Zisson said the numbers were a bit better than expected.
"They beat our top-line (revenue) estimate by almost $100
million," he said.
Hemant Shah, an analyst at HKS & Co., also said the numbers
were good, with strength generally across the board.
Sales of the osteoporosis drug Evista rose 84 percent to $100.5
million, Lilly said, while the Gemzar drug for bladder cancer had
a 19 percent sales increase to $136 million.
Sales of diabetes care products, including the Humulin insulin
product, rose 35 percent to $273.7 million, and sales of the
schizophrenia drug Zyprexa rose 14 percent to $458.1 million.
Sales of the heart drug ReoPro rose 9 percent to $110.3 million.
Lilly said sales growth was partially offset by lower sales for the
ulcer drug Axid and anti-infectives, and an unfavourable exchange
rate.
The company also announced it was entering into agreements with
Arena Pharmaceuticals Inc. and Ono Pharmaceutical Co. Ltd.
With Arena, it will develop compounds called G-protein coupled
receptors; with Ono, it will develop a compound called sivelestat
for the treatment of acute respiratory distress syndrome.
Lilly shares were up 1-1/4 at 68-11/16 in early trade on the New
York Stock Exchange.
(C) Reuters Limited 2000.
Sources:REUTERS NEWS SERVICE
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