GSK notes rise in net profit during Q3
LONDON GlaxoSmithKline reported a jump in earnings due to the rollout of its swine flu vaccine, according to financial reports.
The drug maker posted a net profit of $2.35 billion for the quarter ended Sept. 30, compared with approximately $2.11 billion in the year-ago period, a gain which the company attributes to sales of its flu drug Relenza. The company also said revenue rose 15% to $11.08 billion.
Sales of Relenza reached $298.4 million over the quarter, the company said. The anitviral medication is competing with Roche’s Tamiflu, which is being compounded by pharmacists across the United States due to the nation’s flu vaccination shortage.
GSK CEO Andrew Witty announced orders worldwide for approximately 440 million doses of the company’s H1N1 vaccine, which has received Europe approval.
“This is the quarter that shows a build in momentum at GlaxoSmithKline,” said CEO Andrew Witty in a statement.
Pleio’s medication adherence program yields positive results
PHILADELPHIA A company that runs a medication adherence program said its program had a “highly significant” effect.
Pleio Health Support Systems announced Monday results of the Pleio GoodStart program, analyzing data from 1,776 patients taking a chronic cardiovascular medication between May 2008 and 2009 that showed patients refilled an average of two additional 30-day prescriptions during their initial nine-month period of taking the medication.
Patients in the GoodStart program also refilled their prescriptions an average of 10 days sooner than those in the control group, Pleio said.
Deloitte report: Pharmaceutical companies’ ‘patent cliff’ could bolster mergers, acquisitions
NEW YORK A wave of acquisitions indicates a trend of consolidation in the drug industry, as companies seek ways to build up their research and development pipelines while reducing overhead costs, according to a report released Tuesday by professional services firm Deloitte.
One of the factors driving mergers is that drugs representing more than $74 billion in sales will lose patent protection by 2012, which many analysts have come to call the “patent cliff.”
“With so many rapidly changing dynamics – the patent cliff, healthcare reform and still-dry capital markets – the trends in life sciences industry consolidation are almost certain to continue with a growing emphasis on those deals with companies involved with late-stage developed compounds,” Deloitte & Touche partner Phil Pfrang said in a statement. “Healthy companies have good cause to pursue deals that promise faster revenue streams and profits.”