Cardinal Health releases 2009 fiscal-year results
DUBLIN, Ohio A 10% increase in revenue growth and a 15% decrease in earnings from continuing operations were among the highlights for Cardinal Health for fiscal year 2009, the company reported in a recent earnings release.
Revenues increased to $25.2 billion, while earnings from continuing operations decreased to $268 million, the company reported, compared with $22.9 billion in revenues and $316 million in earnings during fiscal year 2008. Meanwhile, healthcare supply chain services segment profits for the fourth quarter increased 8%, to $341 million.
Earnings per share from continuing operations were $3.16 — or $3.48 on a non-GAAP basis, which includes a 3 cent decrease resulting from the discontinuation of operations at Martindale, the company’s United Kingdom-based injectable manufacturing business. The company also plans to spin off CareFusion Corp., its medical technology subsidiary, a process that will be complete after the close of business on Aug. 31. Cardinal expects CareFusion to have earnings per share of between $1.10 to $1.20.
“Fiscal 2009 saw accelerated investments to improve our ability to serve customers, as well as disciplined cost-containment measures, all of which will continue through an important transition year in fiscal 2010,” chairman and CEO R. Kerry Clark said in a statement.
Teva receives FDA approval for colon cancer generic
JERUSALEM The Food and Drug Administration has approved a generic version of a colon cancer treatment.
Teva Pharmaceutical Industries announced last week the approval and launch of oxaliplatin, an injectable drug, in the 50 mg per 10 milliliter and 100 mg per 20 milliliter strengths. The drug is a generic version of Debiopharm’s and Sanofi-Aventis’ Eloxatin and is approved as an adjuvant treatment of stage III colon cancer in patients who have undergone complete resection of the primary tumor and treatment of advanced colorectal cancer.
In June, the U.S. District Court for the District of New Jersey ruled in Teva’s favor, finding that Teva did not infringe U.S. Patent No. 5,338,874, Debiopharm’s patent on Eloxatin. Sanofi and Debiopharm have appealed the decision, and Sanofi has sued the FDA seeking to rescind all approvals of generic oxaliplatin pending resolution of the appeal.
Eloxatin had sales of $1.3 billion in the United States last year, according to IMS Health data.
NACDS president, CEO Anderson joins Rep. Loebsack for pharmacy tours
IOWA CITY, Iowa The head of the largest organization representing the country’s retail pharmacy chains recently went on a short tour in the heartland.
The National Association of Chain Drug Stores announced Monday that president and CEO Steven Anderson accompanied Rep. Dave Loebsack, D-Iowa, in visiting an Iowa City, Iowa, Hartig Drug and a Mount Vernon, Iowa, Shepley Pharmacy in an effort to demonstrate pharmacy’s role in the healthcare system. Anderson is an alumnus of Mount Vernon’s Cornell College and serves on its board of trustees.
“It is my sincere honor to return to Iowa for this important healthcare event,” Anderson said in a statement. “These pharmacy tours will help to raise awareness of the vital role of pharmacy in fostering access to care, reducing healthcare costs and improving patient health and healthcare quality, and we appreciate Rep. Loebsack’s leadership and energetic participating.”
The tours followed the NACDS’ recent Pharmacy and Technology Conference in Boston and RxIMPACT, an advocacy program on Capitol Hill.