Pharmacia EPS rises 24% in third quarter

Pharmacia Corp has reported third-quarter 2001 profits on an adjustedbasis of $541 million (including one-time items), or $0.41 per share, a rise of 24%, while total sales increased 4% to $4.46 billion. Pharmaceutical turnover rose 7% to $3.53 billion, driven by a 13% rise in US prescription sales. The key growth driver for the company was the antiarthritis drug Celebrex (celecoxib), marketed with Pfizer, which had sales of $851 million for the quarter, a rise of 24%. Strong growth was also seen for the glaucoma medication Xalatan (latanoprost), up 19% at $221 million.

Sales of the colorectal cancer drug Camptosar (irinotecan) rose 7% to $145 million, and Pharmacia noted that this figure was impacted by the effects of trade inventory purchasing in the second quarter. Revenues from Detrol LA/Detrol (tolterodine), for the treatment of overactive bladder, increased 50% to $189 million and the growth hormone Genotropin (somatropin) rose 17% to $121 million. Global sales of the hypnotic Ambien/Stilnox (zolpidem), co-marketed with Sanofi-Synthelabo, were up 29% at $299 million, boosted by strong demand in the USA.

Ambien has been a major earner for Pharmacia, but its importance to the firm will by necessity fall as it is returning all US marketing rights for Ambien to Sanofi-Synthelabo in April 2002. Pharmacia's chief executive, Fred Hassan, said that "our success in growing sales of Ambien has significantly exceeded expectations," but the loss of Ambien will impact earnings per share by $0.16-$0.21 next year.