COR Therapeutics, Inc. Reports Significant Draw Down of Wholesaler Inventory;.Business Editors/Health & Medical Writers SOUTH SAN FRANCISCO--(BW HealthWire)--March 5, 2001 Lowers Guidance for Worldwide Q1 and Year-End 2001 INTEGRILIN(R) (Eptifibatide) Injection Sales COR Therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CORR CORR Used on the consolidated tape to indicate a correction in a reported transaction : CORR.LAST.GY 50 WAS 51. ) today indicated that while demand for INTEGRILIN(R) (eptifibatide) Injection remained strong, it was lowering its guidance for first quarter and year-end 2001 worldwide sales of INTEGRILIN(R) primarily due to unanticipated reductions of wholesaler inventory levels. COR also said that it now expects worldwide sales to be between $37 - $39 million for the first quarter of 2001 and between $245 - $260 million for the year 2001. Previous guidance was for worldwide sales to be between $250 - $270 million for the year 2001. COR also provided guidance that it would have a corresponding loss for the first quarter of $0.05 - $0.07 per share, as opposed to a consensus projection of $0.03 net income per share for the first quarter of 2001 and reduced its guidance for net income per share for 2001 to between $0.35 - $0.37, down from $0.40. COR stated that in-market sales shares remained in the high-20 percent range and patient market shares were holding firm in the mid-40 percent range. However, among the major wholesalers, average inventory levels have fallen to between 0.3 - 0.4 months, as opposed to 1.3 months at year-end 2000. COR will webcast a financial community conference call today, Monday, March 5, at 5:00 p.m. Eastern Standard Time (EST EST electroshock therapy. EST abbr. electroshock therapy ), or 2:00 p.m. Pacific Standard Time (PST PST Paroxysmal supraventricular tachycardia, see there ). As part of the Company's efforts to ensure full disclosure to all parties, COR Therapeutics will host the webcast live on the Company's internet site as well as on internet conference-call provider VCall. The call will be led by Vaughn M. Kailian, President and Chief Executive Officer. To access the live call or the 5-day archive, please log onto http://www.corr.com. Alternatively, the webcast may be accessed by logging onto http:\\www.vcall.com/NASApp/VCall/EventPage?ID=69962. Please connect to either website at least 10 minutes prior to the conference call to ensure adequate time for any software download that may be needed to hear the live webcast. COR Therapeutics, Inc. is dedicated to the discovery, development, and commercialization of novel pharmaceutical products for the treatment and prevention of severe cardiovascular diseases Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease . In addition to the historical information contained herein, this press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. Actual results may differ materially from the anticipated results discussed in such forward-looking statements, due to factors such as results of clinical trials with INTEGRILIN and other factors discussed in the Company's SEC reports, including, but not limited to, the Company's Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended September 30, 2000, and Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1999. Forward-looking statements are based on current expectations and the Company does not intend to update such information to reflect later events or developments. |
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