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SYNTEX NAPROSYN/ANAPROX FOURTH QUARTER SALES OFF 7% TO $ 172 MIL., CITES TOUGHER U.S. NSAID MARKET; FY 1989 NAPROXEN SALES TOP $ 740 MIL., UP 7%

Executive Summary

Combined worldwide sales of Naprosyn (naproxen) and Anaprox (naproxen sodium) in Syntex' fourth quarter (ended July 31) dropped 7.2%, compared to the same period last year, to $ 171.8 mil. Despite lower volume for the two NSAIDs in the fourth quarter, full fiscal 1989 naproxen volume climbed 6.6% to $ 743.1 mil. The fourth quarter weakening in Syntex' major product was primarily due to lower sales of Naprosyn in the U.S. where the drug "faced additional competition" from Ciba-Geigy's Voltaren and Upjohn's Ansaid and from "less-than-expected growth in the anti-arthritic market during the year," the company said. Naproxen fourth quarter volume was also lower overseas because of the stronger dollar and heightened generic competition, Syntex noted. Full-year naproxen sales outside the U.S., however, increased 5% to $ 221.4 mil. Fourth quarter pharmaceutical sales of $ 265.9 mil. would have been approximately $ 5 mil. higher if year-earlier currency exchange rates were still in effect, the company noted. Negatively affected by the decline in naproxen sales, Syntex corporate revenues dropped 3% to $ 321.1 mil. in the last three months. FY 1989 consolidated sales of $ 1.3 bil. were ahead 6.1%. Net income fell 25.1% for the quarter to $ 50.4 mil., but was 2.2% higher for the year at $ 303.2 mil. Chart omitted.

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