Archive: July, 2012
In crucial deal for AmerisourceBergen, Inc., the Valley Forge-based drug wholesaler said it won a three-year contract worth approximately $18.5 billion per year in revenue in exchange for supplying pharmaceutical products to Express Scripts.
“We are honored that Express Scripts has chosen AmerisourceBergen to supply the brand pharmaceuticals it needs for its recently combined mail order and specialty pharmacy business,” Steven H. Collis, AmerisourceBergen president and chief executive officer, said in a statement.
This was important for Collis and AmerisourceBergen's 13,000 employees - including 1,100 in three local facilities - because the revenue essentially replaces that which came from Medco Health Solutions. Losing 19 percent of revenue would hurt any company and perhaps prompt layoffs.
Pfizer said in its second-quarter earnings report that cost reductions helped it raise net income by 25 percent, despite a 79 percent drop in revenue from the cholesterol drug Lipitor.
Lipitor lost patent protection and thus, exclusivity, at the end of November in 2011, opening the field to generic competition. Lipitor had been the world's best selling prescription drug until then.
Pfizer retained some of the earnings in the first six months of 2012 with controversial incentive plans, coupons and marketing efforts. But when the field opened to multiple generic competitors in May, the extra marketing efforts stopped and the sales dropped.
Lois Eskind died on Jan. 13, 2003 when she went into cardiac arrest moments after bone cement made by Synthes and its then-subsidiary Norian was injected into Eskind's spine by Dr. Bart Sachs at the Texas Back Institute in the Dallas suburb of Plano.
Eskind's family filed a wrongful death and negligence suit against Synthes and Norian in federal court in Philadelphia on Friday, while alleging Sachs was a co-conspirator.
Eva Sloan is Eskind's daughter and Sloan is the lead plaintiff, but was joined by her brother and Eskind's husband, Ike.
Merck said its second-quarter revenue increased slightly, while net income dropped slightly.
In announcing the results, Merck said its sales revenue increased about one percent, from $12.151 billion in 2011 to $12.311 billion in the second quarter of 2012, which ended on June 30.
The net income fell from $2.024 billion in 2011 to $1.793 billion in the same period.
Valley Forge-based pharmaceutical wholesaler AmerisourceBergen reported Thursday that it had a 1.9 percent drop in revenue for the quarter, but an 8 percent increase in the diluted earnings per share.
AmerisourceBergen's fiscal year ends in September, so the company just completed its third quarter.
The company's report indicated there was a 1.7 percent drop in net income from the same period in 2011.
Johnson & Johnson celebrated a rare victory Thursday in its multi-state court fights over marketing of the antipsychotic drug Risperdal.
Pennsylvania's Commonwealth Court upheld the decisions of two Philadelphia Common Pleas Court judges, who collectively, in effect, dismissed a state-sponsored suit alleging J&J’s Janssen subsidiary inappropriately profited from sales through the taxpayer-funded Medicaid program.
"We are very pleased with the Pennsylvania Commonwealth Court’s unanimous decision that the trial judge was correct in granting our motion for non-suit, which effectively dismissed the case filed against the company in 2007," Janssen said in a statement.
Drugmaker AstraZeneca reported a 21 percent drop in the sales revenue in the second quarter of 2012, with new generic competition on key drugs such as Seroquel and Nexium being the major factor.
AstraZeneca is based in the United Kingdom but has big operations in Wilmington and Newark, Del.
Earnings per share were down 11 percent at $1.27, without factoring in currency rate changes.
Drugmaker GlaxoSmithKline reported Wednesday a 2 percent drop in worldwide sales during the second quarter and flat numbers for the first half of 2012.
Glaxo is based in London, but has Center City operations and facilities in several Pennsylvania and New Jersey towns.
Chief Executive Officer Andrew Witty said in a statement the company was restructuring its regional commercial organization and combining the European and emerging markets business units under the leadership of Abbas Hussain.