Significant Increases For US Drug Firms In 1996

Major drug companies, some of which published financial results for 1996last month (Marketletter January 27), are posting notable increases in earnings for the 1996 full-year reporting period.

Agouron Pharmaceuticals said that its financial results for 1996 reflect its ongoing commitment to clinical and commercial development activities in support of its anti-HIV agent Viracept (nelfinavir mesylate; see page 20). Revenues rose as a result of collaborations with Japan Tobacco (for Viracept) and Hoffmann-La Roche. The firm also benefited from the net proceeds of a secondary offering in July.

Amgen noted that 1996 was the first year in which sales of its products Epogen (epoetin alfa) and Neupogen (filgrastim) each exceeded $1 billion. Total Neupogen turnover in the 1996 fourth quarter was $270 million, up 10%, and for the year turnover was up 9% to $1 billion. Epogen fourth-quarter revenues were ahead 22% to $289 million, and for the full year they were $1.1 billion, up 21%.