MedImmune sees its 1st-qtr 2006 sales fall

US group MedImmune, which is focused on the development of products for the treatment of infection, cancer and inflammatory diseases, says that its total revenues for the first quarter of 2006 were $498.0 million, down 3.4% on the previous year's figure. David Mott, the company's president, said that the decline was due to a drop in sales of its leading product Synagis (palivizumab), a treatment for respiratory infections, which fell to $463.0 million, from $472.0 million in 2005.

Mr Mott went on to say that sales of Synagis had been adversely affected by changes in payer guidelines, disruptions to its distribution network and the one-time effects of hurricanes Rita and Katrina. In addition, worldwide sales of the oncology product Ethyol (amifostine) dropped to $20.0 million from the $23.0 million it recorded in the first three months of last year.

MedImmune said, in an update to its previously-issued guidance, that it expects to earn total revenues for the full-year 2006 of $1.30 billion, up 3%, adding that sales of Synagis should improve over the second half of the year. The company's stock closed down 11.8% at $31.17 on the day the results were reported.