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Lilly Icos' Cialis sales better than
expected
January 29, 2004
Lilly Icos LLC, the joint venture between
Bothell-based Icos Corp. and Eli Lilly and Co.
of Indianapolis that is marketing the erectile
dysfunction treatment Cialis, reported fourth-quarter
worldwide sales of $94.2 million, more than
analysts had expected.
So far, the drug has $203.3 million in sales
since it was commercially launched in Europe
in February 2003.
Analysts at McAdams Wright Ragen of Seattle
had predicted fourth-quarter sales of $72 million,
and said that U.S. sales, which began after
Thanksgiving, were stronger than expected.
For the first year, the company reported a
loss of $175 million, up from a $131 million
loss reported in 2002. In the latest quarter,
the loss was $58 million; up from a $42 million
loss a year earlier.
A 60-second ad for Cialis
will run during Sunday's Super Bowl telecast.
Paul Latta of McAdams Wright Ragen is predicting
worldwide sales of Cialis in 2004 of $600 million,
$1 billion in 2005 and $1.36 billion in 2006.
He predicts Icos will lose $2.22 a share in
2003, lose $3 a share in 2004, lose 10 cents
a share in 2005 and will make $2 per share in
2006. Icos shares currently trade in the range
of $43; Latta's share target is $50 and rates
the stock as a "buy."
Icos will report its latest earnings on Feb.
3.
© 2004 American City Business Journals
Inc.
source:-http://seattle.bizjournals.com
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