UCB absorbs Zyrtec patent expiry, but 2008 profit still down 74% on restructuring charges
Belgian drugmaker UCB's 2008 profit fell 74% year-on-year as the company's lead product, Zyrtec (cetirizine HCl), faced generic competition in the USA. However, the fall in net income was primarily due to costs associated with the SHAPE restructuring program, which managed to absorb most of the effect of the patent expiry.
Revenue was down just 1% to 3.6 billion euros ($4.53 billion), while R&D expenses were cut by 3% to 767.0 million euros as part of the restructuring.
Net income plummeted to 42.0 million euros, or 0.24 euros per share, versus 160.0 million euros, or 0.89 euros per share, reflecting the loss of the Zyrtec patent, generic competition for the firm's anti-epileptic drug Keppra (levetiracetam) and a negative currency impact.
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