Par reports Q1 results, enters partnership to develop Zetia generic
WOODCLIFF LAKE, N.J. Par Pharmaceutical Cos. had total sales of $291.9 million and $26.3 million in profit for first quarter 2010, the generic drug maker said Tuesday. This compared with sales of $204 million and profits of $16.1 million in first quarter 2009.
Most of the company’s key products also had increases in net sales. Metoprolol succinate, an authorized generic of AstraZeneca’s Toprol XL, had sales of $183.3 million, a 12% increase over fourth quarter 2009. The hypertension drug clonidine, a generic version of Boehringer Ingelheim’s Catapres, had sales of $18.5 million, compared with $13.4 million in fourth quarter 2009. Sumatriptan, a generic version of GlaxoSmithKline’s migraine drug Imitrex, was an exception, with $17.3 million in sales during the quarter, compared with $17.8 million in fourth quarter 2009.
Among the company’s branded products, marketed through its Strativa Pharmaceuticals division, the HIV drug Megace ES (megestrol acetate) had sales of $13.8 million, compared with $19 million in fourth quarter 2009. The vitamin B12 deficiency drug Nascobal nasal spray had sales of $3.6 million, compared with $4.2 million in fourth quarter 2009.
In other news, Par said it had entered a licensing agreement with Glenmark’s generics division to market a generic version of Merck & Co.’s cholesterol drug Zetia (ezetimibe) tablets in the 10-mg strength in the United States. Zetia has annual sales of $1.4 billion, according to IMS Health.