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Archive: April, 2013

POSTED: Tuesday, April 30, 2013, 2:01 PM

 Drugmaker Pfizer said Tuesday it might be years before the company separates its "innovative" products division from its more established products - if it does so at all - and leaders offered no definitive timing on selling more of its animal health unit, Zoetis.

Pfizer reported a revenue drop of 9 percent for the first quarter of 2013, citing generic competition, and lowered its earnings projections for the rest of 2013, mainly because of foreign currency exchange rates.

Pfizer is based in Manhattan and has a big operation in Collegeville, Montgomery County, but parts of its earnings report were distinctly foreign in nature.

POSTED: Tuesday, April 30, 2013, 9:32 AM

Drugmaker Pfizer reported that generic competition was a key factor its a 9 percent decline in worldwide sales revenue in the first quarter of 2013 compared to a year earlier, but its net income rose 53 percent in part because it sold its minority stake in a Chinese joint venture.

Pfizer is based in Manhattan, but has a big operation in Collegeville, Montgomery County.

Selling a stake is a one-time gain, but generic competition is increasing, which is part of why Pfizer lowered its projected earnings for the rest of 2013.

POSTED: Thursday, April 25, 2013, 5:59 AM
AstraZeneca offices in England. The firm, which also has facilitiesin Delaware, announced more job cuts.

Drugmaker AstraZeneca said Thursday that its first quarter profits fell 31 percent, as measured by earnings per share, from the same period in 2012 and it attributed much of the decline to lower revenue from drugs that face generic competition after losing patent exclusivity.

"As anticipated, the first quarter performance reflects the loss of exclusivity for several large products," AstraZeneca chief executive officer Pascal Soriot said in a statement. "We remain focused on our strategic priorities of returning to growth and achieving scientific leadership. Brilinta, the diabetes franchise, emerging markets, Japan and our respiratory products have all made good progress and we continued to invest in distinctive science that will advance our knowledge of disease physiology and help to identify new drug targets."

AstraZeneca is based in London, but has operations in Wilmington and Newark, Del.

POSTED: Wednesday, April 24, 2013, 2:48 PM
GlaxoSmithKline CEO Andrew Witty at new office in the Navy Yard. March 21, 2013. ( AKIRA SUWA / Staff Photographer )

As drugmaker GlaxoSmithKline reported 25 percent lower, after-tax profits in the first quarter of 2013 compared to a year earlier, chief executive officer Andrew Witty said Wednesday that the company would reorganize its pharmaceutical operations, opening the potential of sale of older brands.

Glaxo is based in London, but has about 1300 employees in Philadelphia's Navy Yard and more in other facilities in Pennsylvania and New Jersey.

Meanwhile, with UK authorities criticizing GSK for trying to delay the introduction of generic competitors nearly 10 years ago and the U.S. Supreme Court weighing a case, Witty defended the business practice.

POSTED: Wednesday, April 24, 2013, 10:23 AM

 As drugmaker GlaxoSmithKline reported 25.1 percent lower after-tax profit in the first quarter of 2013 compared to a year earlier, chief executive officer Andrew Witty said Wednesday that the company would reorganize its pharmaceutical operations, opening the potential of sale of older brands.

Glaxo is based in London, but has about 1300 employees in Philadelphia's Navy Yard and more in other facilities in Pennsylvania and New Jersey.

Witty said the company would shift about 50 "legacy" prescription medicines that are promoted lightly, if at all, into one category and that group's finances would be reported separately starting in January of 2014.

POSTED: Wednesday, April 24, 2013, 7:31 AM

 London-based drugmaker GlaxoSmithKline issued its first quarter financial report Wednesday morning. GSK has facilities in the Philadelphia reason.

We will update this blog later today, but here is the company's view of its highlights:

  • Core EPS of 26.9p and dividend of 18p
  • Group sales -2% reflecting continued contribution from key growth drivers offset by expected demanding prior year comparisons
  • Continued R&D pipeline progress
  • Continued delivery of financial efficiencies, strong cash generation and returns to shareholders
  • Further measures to drive strategic focus and improve growth profile
  • 2013 expectations for sales growth (~1%) and core EPS growth (3-4%) unchanged (both at CER)

A link to the company press release is here.

POSTED: Tuesday, April 23, 2013, 6:31 AM
Ernst & Young's yearly report on the biotechnology industry, entitled Beyond Borders: Matters of Evidence, was released Tuesday.

Ernst & Young issued its yearly report on the biotechnology industry and one key takeaway is that young companies need to more quickly assess their value to patients and payers.

The report is entitled Beyond Borders: Matters of Evidence, and was released Tuesday.

E&Y's surveyed biotech leaders and found that 57 percent have already raised capital more aggressively from financial investors and 39 percent have had layoffs or downsized the facilities. But only 11 percent added payer reimbursement expertise to the management ranks.

POSTED: Monday, April 22, 2013, 6:55 AM

It might shock many patients that this doesn't already exist, but four U.S. senators are pushing a bill that would eventually require every pill bottle be to traceable through each step of the pharmaceutical supply chain.

"Over the past few years, we’ve had a record number of recalls and reports of tainted or ineffective drugs reaching our hospitals and drug store shelves,” Colorado Sen. Michael Bennet (D) said in a statement. “In fact, right now, we know more from a barcode on a gallon of milk than from a barcode on a bottle of pills, which could mean the difference between life and death. This draft bill would put steps in place to prevent and reduce those problems and help ensure our drug supply is safe.”

A key phrase in Bennet's statement is "draft bill," meaning its chances of passing in current form is uncertain at best.

About this blog
David Sell blogs about the region's pharmaceutical industry. Follow him on Facebook.

For Inquirer.com. Portions of this blog may also be found in the Inquirer's Sunday Health Section.

Reach David at dsell@phillynews.com.

David Sell
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