Latest US results for full year 1998 again show strong sales growth

The latest group of US pharmaceutical companies to post interim andfull-year results for 1998 have continued the trend of strong sales growth, with many moving into the black.

Agouron Pharmaceuticals, which is the subject of a proposed $2.1 billion takeover by Warner-Lambert (Marketletter February 1), posted a strong set of results, driven by sales of its anti-HIV treatment Viracept (nelfinavir mesylate). North American sales of the drug reached $112.6 million in the second quarter, an increase of 33% compared with the corresponding period last year.

Alza Corp' chief executive Ernest Mario said that the company's success had been due in part to the expansion of its sales and marketing forces which led to a more than doubling of selling, general and administrative expenses to $107 million for the full year. In terms of products, there was strong growth in revenues from Mycelex (clotrimazole) Troche and Elmiron (pentosan polysulfate sodium), while royalties climbed 30.9% to $227.2 million, due to Glucotrol XL (glipizide) and Duragesic (fentanyl). Royalties for the cardiovascular product Procardia XL (nifedipine), however, continued to decline. Dr Mario added that the company's pipeline is progressing well and it is looking forward to completing the merger with Sequus (Marketletter October 12, 1998), which will add Doxil (doxorubicin HCI) to its portfolio.