Fisons' CEO Says Will Focus On Pharmaceuticals

Following the strategic review by chief executive Stuart Wallis, Fisons has indicated that it intends to focus its business on pharmaceuticals. The company's financial results for 1994 are still poor but the company has sold its scientific instruments division (Marketletter March 6) and has indicated that further divestments are ahead. It will put its efforts into building up the pharmaceuticals business by seeking product licensing in and out agreements, and through collaborations and acquisitions to gain "greater efficiencies from its sales network."

In 1994, sales of pharmaceuticals rose 6.6% to L475.5 million ($766.3 million). However, Fisons says that the increase is entirely due to the effect of discontinuing in 1993 the practice of trade loading, which reduced that year's reported sales by an estimated L38 million. Without this effect, sales would have been flat.

Sales of Fisons' antiasthma agents Tilade (nedocromil) and Intal (cromoglycate) rose 23% and 7% respectively. It was noted that a new promotional campaign for Tilade, which was started in September, led to strengthened sales towards the end of the year.