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Executive Summary

Sales of SmithKline Beecham's antibiotic Augmentin accounted for roughly 20% of total pharmaceutical sales in 1991, climbing 24% to $942 mil., the company reported. Augmentin is gaining on Tagamet, which recorded worldwide sales of more than $1 bil. for the sixth year in a row, SmithKline Beecham said. Among the company's other antibiotics, Amoxil revenues rose 9% while Timentin added 28%. The company did not break out dollar figures for those products. Also boosting pharmaceutical sales was the genetically engineered hepatitis B vaccine Engerix-B, which "continued its success story with sales increasing 25% for the year, with strong contributions from France and Italy," SmithKline Beecham said in a Feb. 25 release. The company also recently received first marketing approvals for its Havrix hepatitis A vaccine. A U.S. NDA filing is expected mid-year. Overall, revenues from continuing operations in the pharmaceuticals group were $4.6 bil., a gain of 4%, while trading profit increased 13% to $1.3 bil. Total revenues from all four of SmithKline Beecham's product sectors (pharmaceuticals, animal health, consumer brands and clinical labs) were up 4% at $8.7 bil., with relatively flat sales in consumer brands ($2.5 bil.) offsetting a 13% increase in clinical lab revenues to $1 bil. Fluctuating currency exchange rates negatively affected sales by 1%, the company noted. Net income climbed 17.3% for the year to $1.2 bil. CEO Robert Bauman said the company has achieved the "key objectives of the merger" and is now focusing on growth. SB noted that currency fluctuations negatively affected profits by 2%. SmithKline Beecham made 24 new registration filings during the year, Bauman said, and launched several products worldwide, including the nonsteroidal anti-inflammatory drug Relafen (nabumetone) in the U.S. and the antidepressant Seroxat (paroxetine) in five major markets. As of the end of 1991, Seroxat held an 11% share of the U.K. antidepressant market, SmithKline noted, "and its acceptance by clinicians is ahead of its major competitors at a similar time after introduction." Paroxetine is pending at FDA under the tradename Aropax. Other 1991 product launches included Kytril (granisetron) for nausea, in eight markets. The company told analysts at a January Hambrecht & Quist analysts meeting that an NDA for the 5HT3 anti- emetic was filed on Dec. 17. An oral formulation is one year behind the I.V. formulation; the NDA filing target date for that product is late 1992. In all, SmithKline Beecham says it spent $629 mil. on pharmaceutical R&D in 1991, up 9% from the year earlier.

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