OSI’s Tarceva sales climb, as does its income
MELVILLE, N.Y. OSI Pharmaceuticals announced today its financial results for its third quarter; citing one of their medications, Tarceva, as responsible for their sales growth.
Total worldwide net sales of Tarceva, OSI’s oral medication used to treat lung cancer, were approximately $226 million, representing a 32 percent growth in global sales compared to the same period last year. For the nine months ended Sept. 30, 2007 worldwide Tarceva net sales were approximately $635 million representing a 38 percent increase over the same period last year.
The company reported net income from continuing operations of $35.9 million (or $0.59 per share) for the three months ended Sept. 30, 2007, compared with net income from continuing operations of $159,000 (or $0.00 per share) for the third quarter of 2006.
The Company reported total revenues from continuing operations of $100 million for the third quarter of 2007 compared to revenues of $57 million for the third quarter of 2006, an increase of 77 percent.
GSK ready to cut jobs following quarterly losses
PHILADELPHIA GlaxoSmithKline is ready to let some of its workers go to make up for its recent report of lost earnings.
The company reported that total pharmaceutical turnover for the third quarter fell by 2% to $9.4 billion. In the United States, turnover fell 7% to $4.5 billion, impacted by continued generic competition and largely because of a 38 percent drop in sales of its diabetes drug Avandia.
The plan is a three-year $1.4 billion move that includes job cuts, most likely starting at its Avandia sales force. According to the London Times, the company is awaiting what the Food and Drug Administration will report about their findings on Avandia and if it should receive a “black box” warning for heart attack risks.
FDA approves Marillion NDA for novel cancer treatment
MALVERN, Pa. Marillion Pharmaceuticals has received approval from the Food and Drug Administration for it investigational new drug application for its lead product candidate MN-201, a vitamin D5 analog for the treatment of cancer.
The drug will now proceed to Phase 1 human clinical trial for patients with advanced tumors in various cancers.
In preclinical studies, MN-201 performed well against cancer cells. In animal models, MN-201 also resulted in anti-tumor activity including tumor regression in xenograft models of major solid tumor types. In contrast to treatment with other vitamin D(3) analogs and the naturally occurring vitamin D hormone, calcitriol, favorable anticancer effects with MN-201 were observed in the absence of significantly raised calcium levels.