| Cialis Launch Costs
Icos
May 03, 2004
Icos (ICOS:NYSE - news - research) , best known
for Cialis, the erectile
dystfunction treatment, announced losses
that were double year-ago levels, but said that
sales of its hallmark drug were strong.
Icos had a first-quarter net loss of $86.3
million, or $1.36 a share, which is more than
double the loss of $40.5 million, or 65 cents
a share, it had a year ago. Analysts expected
the company to lose $1.40 a share in the first
quarter.
Icos said the losses stemmed from big increase
in costs related to the U.S. commercial launch
of Cialis,
which brought in $108.3 million in worldwide
sales in the first quarter.
All told, the company racked up sales of $32.8
million in the U.S., $36.3 million in Europe
and $5.9 million in Canada and Mexico. Sales
from these three regions are reported by Lilly
Icos, which is a 50-50 joint venture between
Icos and Eli Lilly (LLY:NYSE - news - research)
. Sales outside North America and Europe totaled
$33.3 during the quarter and are reported by
Eli Lilly.
Icos' share of the revenue and expenses continued
to grow in the first quarter. The company said
that equity in losses of Lilly Icos came in
at $69.2 million for the quarter, up from $21.5
million a year ago. But the company's total
revenue, driven by strong Cialis sales, came
in at $16.5 million, more than double the $7.1
million it had a year ago.
With the strong sales boost, Icos said that
Cialis has just passed Levitra in market share
within the erectile dysfunction market in the
U.S. Through the week of April 23, the company
said Cialis accounted for nearly 20% of all
new prescriptions and 12.1% of the total market.
In comparison, Levitra accounted for 14.2% of
new prescriptions and 10.7% of the total market.
"We are pleased with the rapid uptake
of Cialis," said Paul Clark, chairman and
CEO. "Cialis is the only oral ED treatment
which gives couples up to 36 hours to choose
the moment for intimacy that is right for them."
Icos also said it plans to find additional
uses for Cialis and will launch a clinical study
using the drug to treat benign prostatic hyperplasia.
Before the earnings release, which was right
after the close of trading on Monday, shares
of the company were up 19 cents, or 0.6%, to
$32.49.
source:-http://www.thestreet.com
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