Caraco reports quarterly earnings
DETROIT — Caraco Pharmaceutical Labs had sales of $40.4 million during the third quarter of fiscal year 2011, and $268.2 million during the first nine months of the fiscal year, the company said in an earnings report released Sunday.
Caraco, whose fiscal year 2011 ended Dec. 31, 2010, said that it included sales of products that it owns and products that it distributes in the figures. The latest numbers compared with $52 million in the third quarter of fiscal 2010 and $178.4 million during the first nine months of fiscal year 2010.
Gross profits were $3.3 million for the third quarter and $22.4 million for the first nine months of fiscal year 2011, compared with $3.1 million and a $4.7 million loss during third quarter 2010 and the first nine months of that fiscal year, respectively.
MAP, Allergan to co-promote Levadex
IRVINE, Calif. — Anticipating regulatory approval, MAP Pharmaceuticals and Allergan will collaborate to promote a drug for treating acute migraine to physicians.
The two companies announced the collaboration Monday for Levadex (dihydroergotamine), an inhaled drug. Phase-3 trials for the drug are finished, and MAP plans to submit an approval application for the drug to the Food and Drug Administration in the first half of this year.
If the drug is approved, Allergan and MAP will co-promote the drug to neurologists and pain specialists, and Allergan will use members of its sales force who already have experience promoting Botox for chronic migraine. MAP will be responsible for manufacturing and distribution, receiving an upfront payment of $60 million from Allergan and up to $97 million in milestones. The two companies will share profits.
H.D. Smith names EVP
SPRINGFIELD, Ill. — A pharmaceutical wholesaler has promoted one of its executives.
H. D. Smith said Harvey Tanenbaum — an industry veteran with more than 30 years of experience — now will serve as the company’s EVP, responsible for all efforts connected to metro New York area expansion.
Tanenbaum began his career as a practicing pharmacist and also is a former retail pharmacy owner, the company said. He regularly serves in an advisory capacity to such organizations as the Independent Pharmacy Alliance of America, Keystone Pharmacy Alliance, Garden State Pharmacy Owners Association and the Academy of Independent Pharmacy. Tanenbaum also serves on both the New Jersey and New York board of directors for the American Heart Association.
"Ongoing changes in the healthcare market landscape signal the importance of our continued focus on what matters most for our growth and progress — the pharmacy customers that are the backbone of our business. Their needs must be our priority," said Dale Smith, chairman and CEO at H. D. Smith. "Harvey’s applied experience as a retail pharmacist, coupled with his strong passion for the needs of this sector, enables him to champion efforts to provide exceptional customer service and solutions to pharmacies in this region."