Pharmacia earnings up 20%, sales rise 5%

Putting it among the top performers in its peer group, Pharmacia Corphas reported first-quarter 2001 net profits of $844 million, or $0.63 per share, a rise of 20%, on total sales of $5.4 billion, up 5% over the like, year-earlier quarter. According to the firm's chief executive, Fred Hassan, "these results have been achieved thanks to two factors: continuing sales dynamism and aggressive cost management, as promised in our merger" with Monsanto (including Searle) in 1999.

Pharmaceutical sales rose 7% (11% excluding the negative impact of currency exchange) to $3.4 billion, driven by a 13% rise in US prescription sales and 14% growth in Europe, with prescription drugs rising 8% to $2.94 billion. Pharmacia's leading antiarthritis drug Celebrex (celecoxib) saw turnover increase 13% to $710 million for the quarter.

Strong growth was also seen for the glaucoma medication Xalatan (latanoprost), up 14% at $171 million, and the company noted that it had received European Union approval for its Xalacom (a fixed combination of latanoprost and the beta blocker timolol) during the reporting quarter. Sales of colorectal cancer drug Camptosar (irinotecan) rose 62% to $180 million, while those of Detrol LA/Detrol (tolterodine) for the treatment of overactive bladder, increased 70% to $158 million and the antibiotic Zyvox (linezolid) was up 59% at $30 million.