Bristol-Myers Squibb
1Q Revenues: $5.2 billion (+20%)
1Q Earnings: $661 million (-4%)
Comments: Growth was driven by pharmaceutical sales, which totaled $4.2 billion. U.S. sales increased 26% to $2.5 billion and International sales increased 14% to $1.7 billion. Sales of Plavix and Avapro/Avalide (both part of the company's alliance with Sanofi-Aventis) increased 39% to $1.3 billion and 13% to $305 million, respectively. Plavix sales benefited year-to-year because of 1Q07's brief introduction of a generic version by Apotex. Abilify sales were $454 million (+24%). Reyataz sales were $297 million (+13%). Sales of the Sustiva Franchise increased 21% to $273 million. Baraclude sales were $108 million (+140%). Orencia sales were $87 million (+112%). R&D expenses were $795 million (+1%). In the quarter, the company completed the sale of its Medical Imaging business to Avista Capital Partners for approximately $525 million.
ImClone Systems
1Q Revenues: $162.6 million (+15%)
1Q Loss: $55.9 million (earnings were $28.8 million in 1Q08)
Comments: Erbitux sales were $417.3 million (+12%). Royalty revenue related to Erbitux was $95.0 million (+24%). License fees and milestone revenue was $24.1 million (-18%). This decrease was due to the amended agreement with BMS for the co-development and co-commercialization for Erbitux in North America. Manufacturing revenue was $25.4 million (+54%) due to increased demand for Erbitux. Operating expenses for the quarter were $120.1 million (+27%) with SG&A representing $24.8 million (+51%), royalty expenses representing $23.5 million (+40%), and manufacturing costs of $24.1 million (+73%). R&D expenses were flat at $47.7 million. The company also recorded an impairment charge of $84.9 million related investments in auction rate securities (ARS).
Azopharma Product Development Group, Inc. plans to implement Xcelodose technology at ApiCross Drug Delivery Technologies, its formulations development facility. Xcelodose technology is a powder micro-dosing system developed by Meridica that offers a powder dispensing system for small-scale capsule filling. Xcelodose Technology assists in conserving research material as well as reducing various preformulation activities.
The technology provides precision filling with low weights and minimal waste, eliminating the need for blending. Other benefits include: minimizing or eliminating the need for early formulation development and associated reduction of stability testing, reducing amount of API needed to get to first-in-human studies and reducing analytical development costs during early phase development.
According to Phil Meeks, Azopharma's chief executive officer, “Xcelodose technology allows us to more precisely prepare doses of clinical trial material. This enables our clients to stretch out valuable research material which is often costly and time consuming to make."
He added, “Many of our clients are small or virtual companies that are trying to minimize their financial burn rate. If we can save them a trip to the synthesis lab or reduce their time in Preformulation, we’ve gone a long way in stretching their resources.”
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