Report predicts lower profits in chronic heart failure drug market
WALTHAM, Mass. The research and advisory firm Decision Resources has found that the patent expiries of key therapies, most notably Coreg by GlaxoSmithKline and Dilatrend/Kredex by Roche, will cause the chronic heart failure drug market to decline by more than 50 percent, from $2.5 billion in 2006 to $1.2 billion in 2016.
The report which studied these numbers, entitled Chronic Heart Failure, also found that, although the market to treat the disease has a wide array of effective and well-established treatments, many patients remain undertreated as a result of physician non-compliance with guideline, particularly at the earlier stages of the disease. Additionally, there is no current evidence that emerging treatments for chronic heart failure offer significant improvements in patient outcome over existing therapies.
“The level of mortality in chronic heart failure remains high, with the majority of patients not surviving beyond five years after diagnosis,” said Graeme Green, analyst at Decision Resources. “Significant opportunity remains for improved treatments that can address the high level of mortality and offer longer-term survival for patients.”
Celgene sees year-to-year revenue increase of more than 50 percent
WARREN, N.J. Celgene’s revenue increased by more than 50 percent in 2007 as compared to 2006. The growth was due to sales of its cancer drug Revlimid.
Revlimid is used in combination with the corticosteroid dexamethasone to treat multiple myeloma patients who have received at least one prior therapy. Net sales of the drug increased more than 140 percent in 2007 to nearly $775 million.
The company also reported good sales results for its skin disease treatment drug Thalomid, the chemotherapy drug Alkeran and the attention deficit hyperactivity disorder drugs Focalin XR and Ritalin and the Ritalin family of products.
The company expects revenue to increase more than 30 percent this year to approximately $1.8 billion and adjusted diluted earnings per share to increase approximately 45 percent up to $1.55.
Valeant divests Infergen rights to Three Rivers
ALISO VIEJO, Calif. Valeant Pharmaceuticals International has completed its divestment of the rights to its hepatitis C drug Infergen in the U.S. and Canada to Three Rivers Pharmaceuticals.
Under the terms of the agreement, Valeant received from Three Rivers an initial payment of about $70.8 million in cash and will receive up to $20.5 million in two noncontingent payments over the next 18 months.
The company had been looking to sell the drug since the third quarter of 2007 due to poor sales.