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Quartlery reports: 4Q and FY results for 2011.

Pfizer

4Q Revenues: $16.7 billion (-4%)

4Q Earnings: $1.4 billion (-50%)

FY Revenues: $67.4 billion (+1%)

FY Earnings: $10.0 billion (+21%)

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Comments: U.S. revenues in the quarter were $6.3 billion (-12%). International revenues were $10.4 billion in the quarter (+3%). Results in the quarter reflect an operational decline of $765 million (-5%) and the favorable impact of foreign exchange of $157 million (+1%). Biopharmaceutical revenue was $14.1 billion in the quarter (-6%). Primary Care revenues were $5.4 billion (-8%), impacted by the loss of exclusivity of Lipitor and Caduet in the U.S. Specialty Care revenues were $3.8 billion (-5%), impacted by the loss of exclusivity of Vfend and Xalatan in the U.S. Established Products revenues were $2.3 billion (-5%), impacted by the loss of exclusivity of Effexor XR, Protonix and Zosyn in the U.S. Restructuring charges were $108 million in the quarter and $1.6 billion for the year.

Novartis

4Q Revenues: $14.8 billion (+4%)

4Q Earnings: $1.2 billion (-47%)

FY Revenues: $58.6 billion (+16%)

FY Earnings: $9.2 billion (-7%)

Comments: Pharmaceuticals sales in quarter were up 4% to $8.3 billion. Alcon sales were $2.4 billion (+6%). Sandoz sales declined 5% to $2.3 billion due to additional competition for enoxaparin, the generic version of Lovenox. Vaccines and Diagnostics sales grew 86% to $671 million. Consumer Health was down 7% to $1.1 billion related to the temporary suspension of production at a U.S. Consumer Health site. Operating income grew 12% to $3.6 billion in the quarter and 14% to $15.9 billion for the year. Earnings in the quarter were impacted by $1.5 billion charges and a negative currency impact of 9% Recently launched products--Gilenya, Tasigna, Lucentis, Galvus, Afinitor, Xolair and Onbrez Breezhaler--contributed to sales growth in the quarter and year.

AstraZeneca

4Q Revenues: $8.7 billion (flat)

4Q Earnings: $2.2 billion (-10%)

FY Revenues: $33.6 billion (-2%)

FY Earnings: $12.8 billion (+11%)

Comments: Crestor sales were $1.8 billion in the quarter (+11%) and $6.6 billion for the year (+13%). Symbicort sales were $839 million (+13%) in the quarter and $3.1 billion for the year (+11%). Seroquel XR sales were up 27% in the quarter and year to $398 million and $1.5 billion, respectively. Onglyza sales were up 122% in the quarter to $71 million and up 206% to $211 million for the year. Generic competition impacted

Arimidex sales (-42% to $166 million in the quarter and -53% to $756 million for the year); Nexium sales (-13% to $1.2 billion in the quarter and -12% for the year to $4.4 billion); and Seloken/Toprol-XL sales (-5% in the quarter to $236 million and -20% for the year to $986 million). U.S. revenues were up 5% in the quarter and down 2% for the year. Revenue in the Rest of World was down 3% in the quarter and down 2% for the year. Revenue performance in the quarter was impacted by government price interventions and the loss of around $450 million in revenue to generic competition.

Lilly

4Q Revenues: $6.0 billion (-2%)

4Q Earnings: $858.2 million (-27%)

FY Revenues: $24 billion (+5%)

FY Earnings: $4.3 billion (-14%)

Comments: U.S. revenue was down 4% to $3.3 billion due to the loss of patent exclusivity for Zyprexa and Gemzar. Revenue outside the U.S. remained flat at $2.8 billion. For the year revenue in the U.S. was $13.0 billion (+1%). Revenue outside the U.S. increased 11% to $113 billion due to increased demand and the positive impact of foreign exchange rates, partially offset by lower prices. Zyprexa sales were $749.6 million in the quarter, down 44%, and S4.6 billion for the year (-8%). Cymbalta sales were $1.2 billion in the quarter (+20%), and $4.2 billion for the year (+20%). Alimta sales were $638.1 million in the quarter (+12%), and $2.5 billion for the year (+11%), Humalog sales increased 21% in the quarter to $662.0 million, and 15% for the year to $2.4 billion. Cialis sales in the quarter were up 6% to $494.2 million and up 10% for the year to $1.9 billion. Gemzar sales were $92.6 million, down 62% in the quarter, and $452.1 million for the year, down 61%.

Covance

4Q Revenues: $582.4 million (+8%)

4Q Earnings: $21.1 million (-26%)

FY Revenues: $2.1 billion (+9%)

FY Earnings: $132.2 million (+94%)

Comments: Early Development revenues were $234.5 million in the quarter (+6%) and $930.6 million for the year (+11%). Revenue growth in the quarter was driven by results from the company's new Alnwick, UK and Porcheville, France sites and clinical pharmacology, partially offset by a $5.7 million sequential decline due to lower demand in research products and European toxicology services, as well as a $2.3 million foreign exchange impact.Late-Stage Development revenues were $298.0 million in the quarter (+10%) and $1.2 billion for the year (+7%).The company recorded a $12.1 million impairment charge in the quarter for an equity investment in a supplier of research products. Backlog at December 31, 2011 was $6.1 billion compared to $6-2 billion in 2010. Foreign exchange negatively impacted backlog growth by $75 million.

Amgen

4Q Revenues: $4.0 billion (+3%)

4Q Earnings: $934.0 million (-9%)

FY Revenues: $15.6 billion (+4%)

FY Earnings: $3.7 billion (-20%)

Comments: U.S. product sales were up 5% to $3.0 billion in the quarter, and up 4% to $11.7 million for the year. International product sales in the quarter were S900 million (+1%), and $3.6 million for the year (+5%). Combined Neulasta and Neupogen sales were S1.3 billion (+7%) in the quarter and up 8% to $5.2 billion for the year. Enbrel sales were $945 million (+1%) in the quarter and S3.7 billion for the year (+5%). Aranesp sales were down 15% to $538 million in the quarter, due to a unit decline, and down 7% to $2.3 billion for the year, due to a high-teens percentage point unit decline in the U.S. Epogen sales were down 18% to $486 million in the quarter and down 19%> to $2.0 billion for the year, due to a decrease in dose utilization related to changes in reimbursement and the product label.

Elan

4Q Revenues: $271.0 million (-12%)

4Q Loss: $134.7 million (loss of $52.2 million 4Q10)

FY Revenues: $1.2 billion (+7%)

FY Earnings: $560.5 million (loss of $324.7 million FYI0)

Comments: Global in-market sales of Tvsabri were up 23% to $1.5 billion in 2011, which helped offset the loss of revenues from a number of EDT legacy products including Azactam, Maxipime and Prialt, which contributed $41.5 million in 2010. Loss in the quarter includes charges of $22.0 million, a charge on debt retirement of $47.0 million, and a non-cash U.S. state tax charge of $40.0 million related to the write-down of U.S. state deferred tax assets. Earnings for the year include the net gain on the divestment of the EDT business of $652.9 million and legal settlement gains of $84.5 million.

Johnson & Johnson

4Q Revenues: $16.3 billion (+4%)

4Q Earnings: $218 million (-89%)

FY Revenues: $65.0 billion (+6%)

FY Earnings: $9.7 million (-28%)

Comments: Worldwide Pharmaceutical sales were $24.4 billion for the year (+9%). Domestic sales declined 1%, while international sales were up 21%. Sales in the U.S. were negatively impacted by generic competition for Levaquin. Remicade sales for the year were $5.5 billion, up 19% in the wake of J&J's new marketing agreement with Merck. Prezista sales were $1.2 billion, up 41%. Velcade sales for the year were $1.3 billion, up 18%. Worldwide Consumer sales were $14.9 billion for the year, up 2%. Domestic sales decreased 7% while international sales increased 7%. Earnings in the quarter and for the year reflect after-tax charges of $2.9 billion and $4.2 billion, respectively, which include product liability expenses, the impact of litigation settlements, costs associated with the DePuy ASR Hip recall program.

Charles River Laboratories

4Q Revenues: $291.0 million (+3%)

4Q Earnings: $27.1 million (loss of $342.4 million 4Q10)

FY Revenues: $1.1 billion (+1%)

FY Earnings: $115.5 million (loss of $334.1 million FY10)

Comments: Sales for the Research Models and Services (RMS) segment were $182.4 million in 4Q11 (+8%), and $705.4 million for the year (+6%). Sales from the Preclinical Services (PCS) segment in the quarter were $108.5 million (-4%), due to shorter term, less complex studies, as well as fewer GLP safety assessment studies. For the year PCS sales were $437.2 million (-6%). In 4Q10 results included non-cash goodwill and asset impairments of $395.0 million, and for the year, results included a $30.0 million fee related to the termination of a proposed acquisition.

Sanofi

4Q Revenues: $11.0 billion (+9%)

4Q Earnings: $2.7 billion (+13%)

FY Revenues: $43.2 billion (+3%)

FY Earnings: $11.4 billion (+5%)

Comments: In the quarter pharmaceutical sales were $9.3 billion (-+-11%), which includes the contribution of $1.1 billion from Genzyme, as well as the impact of generic competition to Lovenox (-13%), Ambien CR (-14%), Taxotere (-68%). For the year pharmaceuticals sales were $36.1 billion, up 7%. Vaccines sales were up 7% (excluding A/H1N1 sales) to $4.5 billion for the year. Diabetes revenue grew 12% in 2011 to SL6 billion. Genzyme sales (consolidated from April 1, 2011) increased 8% to $3.1 billion for the year. Consumer Health Care and Generics revenue grew 23% to $3.5 billion, and 16% to $2.3 billion, respectively.

GlaxoSmithKline

4Q Revenues: $10.8 billion (-2%)

4Q Earnings: $2.0 billion (loss of $979.0 million 4Q10)

FY Revenues: $42.3 billion (-3%)

FY Earnings: $8.4 billion (earnings were $2.9 billion FY10)

Comments: Pharmaceutical sales were flat at $7.6 billion in the quarter and down 1% to $28.9 billion for the year. Vaccines sales were SI.3 billion in the quarter (-18%) and $5.4 billion for the year (-19%). Sales of pandemic related products, Avandia and'Valtrex fell from $3.5 billion in 2010 to $783.5 million in 2011. Consumer Healthcare sales were $2.0 billion in the quarter up 3% and $8.0 billion for the year up 5%. Results include major restructuring initiatives. Reported charges were $309.1 million in the quarter and $911.7 million for the year. The full year impact on sales of European austerity price cuts and U.S. healthcare reform was approximately $486.8 million.

ICON

4Q Revenues: $243.0 million (+5%)

4Q Earnings: $4.1 million (-81%)

FY Revenues: $946.0 million (+5%)

FY Earnings: $31.5 million (-64%)

Comments: Business awards in the quarter were $308 million, a book-to-bill of 1.3. For the year, new business awards were $1.3 billion, a book-to-bill of 1.4. Also, Brendan Brennan has been appointed chief financial officer at ICON. Mr. Brennan has served as acting chief financial officer since October 2011. Previously he served as ICON's senior vice president of corporate finance and has been a senior member finance team since January 2006. Prior to joining ICON, Mr. Brennan held a senior corporate finance position in CRH plc, an international building materials group.

Gilead Sciences

4Q Revenues: $2.2 billion (+10%)

4Q Earnings: $665.1 million (+6%)

FY Revenues: $8.4 billion (+5%)

FY Earnings: $2.8 billion (-3%)

Comments: Antiviral product sales were up 9% to $1.9 billion in the quarter and up 8% to S7.1 billion for the year. Sales of Atripla were $863.3 million in the quarter (+11%) and $3.2 billion for the year (+10%). Sales of Truvada were $746.0 million in the quarter (+9%) and $2.9 billion for the year (+8%). Sales of Viread were flat at $190.9 million in the quarter and up 1% to $737.9 million for the year. Sales of Letairis were $78.7 million in the quarter (+23%) and $293.4 million for the year (+22%). Sales of Ranexa were up 23% in the quarter to $83.7 million and up 33% to $320.0 million for the year. Royalty, contract and other revenues from collaborations were $67.0 million in the quarter (-2%) and $283.0 million for the year (-49%), primarily due to lower Tamiflu royalties from Roche.

Biogen Idee

4Q Revenues: $1.3 billion (+9%)

4Q Earnings: $300.2 million (+10%)

FY Revenues: $5.0 billion (+7%)

FY Earnings: $1.3 billion (+41%)

Comments: Tysabri revenues increased 11% in the quarter to $269 million. Global in-market sales were $380 million, up 14%. Avonex revenues were up 8% in the quarter to $703 million. Rituxan revenues from the company's joint business arrangement were flat at S258 million in the quarter. For the year Tysabri revenues were up 20% to $1.1 billion with global in-market sales of $1.5 billion, up 23%. Avonex revenues were up 7% for the year to $2.7 billion. Rituxan sales were $1.0 billion for the year, down 7% due certain royalties from individual countries expiring and a charge of approximately $50 million related to Genentech's arbitration with Hoechst GmbH.

Bristol-Myers Squibb

4Q Revenues: $5.5 billion (+7%)

4Q Earnings: $852 million (+76%)

FY Revenues: $21.2 billion (+9%)

FY Earnings: $3.7 billion (+20%)

Comments: U.S. sales increased 8% to $3.6 billion in the quarter and International sales increased 4% to $1.9 billion. Plavix sales were $ 1.7 billion in the quarter (-3%). Avapro/Avalide sales were down 23% to $195 million. Abilify sales were $737 million (+4%). Reyataz sales were up 11% to $416 million. Sustiva Franchise sales were $412 million (+14%). Baraclude sales were up 20% to $318 million. Sprycel sales were up 34% to $227 million. Onglyza/Kombiglyze sales were $153 million (+112%). R&D expenses remained flat at $1.0 billion in the quarter.

Abbott

4Q Revenues: $10.4 billion (+4%)

4Q Earnings: $1.6 billion (+12%)

FY Revenues: $38.9 billion (+11%)

FY Earnings: $4.7 billion (+2%)

Comments: Proprietary Pharmaceutical sales in the quarter were $4.8 billion (+7%), and for the year grew 11% to $17.0 billion. Humira sales were $2.2 billion in the quarter (+16%), and $7.9 billion for the year (+21%). Trilipix/TriCor sales were down 4% to $483 million in the quarter and up 6% to $1.7 billion for the year. Kaletra sales were down 16% to S288 million in the quarter and down 7% to $1.2 billion for the year. Niaspan sales were down 10% to $258 million in the quarter and up 5% to $976 million for the year. Nutritionals sales were $1.6 billion in the quarter and $6.0 billion for the year, both up 9%. Established Pharmaceuticals, which includes sales of branded generics outside the U.S., declined 5% in the quarter to $1.4 billion and grew 20% to $5.4 billion for the year.

Teva

4Q Revenues: $5.7 billion (+28%)

4Q Earnings: $505.0 million (-35%)

FY Revenues: $18.3 billion (+14%)

FY Earnings: $2.8 billion (-17%)

Comments: U.S. revenues in the quarter were $3.0 billion (+32%), accounting for 54% of total revenues, bolstered by Cephalon sales and branded product revenues, offset by lower generic sales. Revenues in Europe were $1.5 billion (+13%), accounting for 26% of total revenues, due to stronger generic and branded product revenues primarily in Italy and Spain. Revenues in the Rest of the World (Canada, Israel, certain markets in Eastern Europe, Latin America and Asia) totaled $1.1 billion (+44%), representing 20% of total revenues. Generic revenues in the quarter were $3.0 billion, up 12% (including APT sales of $197 million). Branded product revenues were $2.3 billion, up 68%, primarily due to the inclusion of Cephalon sales. Earnings were impacted by Cephalon acquisition charges.

West Pharmaceutical Services

4Q Revenues: $295.4 million (+7%)

4Q Earnings: $18.9 million (+2%)

FY Revenues: $1.2 billion (+8%)

FY Earnings: $75.5 million (+6%)

Comments: Pharmaceutical Packaging Systems sales were $210.3 million (+9%), contributing approximately half of overall revenue growth. Pharmaceutical Delivery Systems sales were $85.3 million in the quarter (+2%). Contract manufacturing revenues accounted for 79% of sales in the quarter, and proprietary products accounted for 21%. Restructuring charges were $1.0 million in the quarter related to the closing of the Montgomery, PA facility, reduction of operations at its Cornwall, England facility, as well as the elimination of operations and administrative positions at other locations.
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Title Annotation:FINANCIAL REPORTS
Publication:Contract Pharma
Date:Mar 1, 2012
Words:2825
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