GENERIC COMPETITION HITS SYNTEX
Lower-priced generic naproxen and naproxen sodium products were behind the 20% decline in net income at Syntex Corporation of the USA in the second quarter of fiscal 1994. Sales in the quarter were $489.1 million, down 1%, net income was $95.8 million, and earnings per share fell 20% to $0.43.
In the six-month reporting period ended January 21, Syntex' sales were virtually flat at around $1 billion. Net income advanced 97% to $221.0 million and EPS were up 96% to $1.00.
Syntex' patent for its leading products Naprosyn (naproxen) and Anaprox (naproxen sodium) expired December 21, 1993 in the USA. "Earnings declined at a greater rate than sales in the fiscal 1994 second quarter compared with the prior year's quarter, due to a shift in product demand from the higher-margin branded products and to excess production capacity," said Paul Freiman, Syntex' chairman and chief executive.
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