Eli Lilly now expects full-year loss, stemming from ImClone purchase
LONDON Pharmaceutical giant Eli Lilly & Co. revealed that its acquisition of biotech firm ImClone earlier this year would drag the company into the red in fiscal 2008.
Lilly predicted the ImClone purchase would lead to a charge against earnings of $4.05 to $4.50 a share, resulting in an expected net loss of $1.56 to $2.06 a share for the full year. That compares with an earlier guidance, in which the company projected earnings of $2.44 to $2.49 a share.
In fiscal 2009, the addition of ImClone will cut full-year earnings by 30 to 35 cents a share, Lilly predicted. Full-year 2009 earnings are expected to range between $4 and $4.25 a share.
Separately, the company announced yesterday it has become a member of SAFE-BioPharma Association, the non-profit association that created and manages the global SAFE-BioPharma digital identity and signature standard for the pharmaceutical and healthcare industries. Lilly joins numerous other major biopharmaceutical companies using the SAFE-BioPharma standard to manage identities of employees and external collaborators.
FDA approves Galderma’s Epiduo Gel treatment for acne
ROCKVILLE, Md. The Food and Drug Administration has approved a new acne treatment by Galderma Laboratories, the agency announced Wednesday.
The treatment, Epiduo Gel, is known generically as adapalene and benzoyl peroxide and is used to treat acne vulgaris in patients aged 12 and older.
FDA records indicate the agency approved it Monday.
Galderma, based in Lausanne, Switzerland, had not made a statement about the approval at midday Wednesday.
Wyeth announces lay-offs at operations in Puerto Rico
SAN JUAN, Puerto Rico More than 200 Wyeth Pharmaceuticals employees in Puerto Rico will lose their jobs between the end of the year and February, according to the Associated Press.
The drug maker said it would lay off 276 workers as part of a restructuring plan and drop in demand. The company employs about 3,000 people in the territory.
A spokeswoman for the company said the availability of generics reduced demand for the anti-anxiety drug Effexor (venlafaxine hydrochloride) and the acid reflux disease drug Protonix (pantoprazole sodium).