Belgium's Solvay Health Care Unit Does Best
Belgian chemicals and pharmaceutical group Solvay has not been able torepeat its 1995 performance - when net operating profits rose 81% - in 1996 when earnings fell 8% to 11.5 billion Belgian francs ($336.4 million). Net profits rose 9% to 13.6 billion francs, helped by the sale of the company's animal health products business to American Home Products.
Solvay's health care sector, in contrast to other areas of its business, posted good growth, and the company benefited from a 36% rise in sales of its antidepressant Luvox (fluvoxamine) to around $163 million. A New Drug Application will be filed for this product in Japan in 1997.
Pharmaceuticals account for 15% of group sales, and Solvay is aiming to strengthen the division with R&D focusing on diseases of the central nervous system, gastroenterology, cardiology and menopausal treatments. The new director of Solvay France, George Theys, has said that a number of NDAs are being prepared for the US market.
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