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GLAXO’s U.S. ZOFRAN SALES OF $355 MIL. IN FISCAL 1993

Executive Summary

GLAXO's U.S. ZOFRAN SALES OF $355 MIL. IN FISCAL 1993 indicate a growth rate in excess of 40% (or $105 mil. in added sales) for the product in its second full year of commercial availability. The anti-emetic (ondansetron) contributed over a quarter of the $389 mil. in added sales generated by Glaxo's U.S. business in the 12 months ended June 30. Total U.S. Glaxo sales reached $3.18 bil. in 1993, up 14% from $2.79 bil. the year before. Glaxo's U.S. business continues to represent 40% of Glaxo's total business, which reached $7.99 bil. in 1993. With worldwide sales of $591 mil. in fiscal 1993, Zofran is the third largest drug product for the hospital market, Glaxo maintains. The anti-emetic ranks behind two injectable antibiotics in that position: Roche's Rocephin and Merck's Primaxin. According to NWDA figures, Zofran ranked fourth among U.S. hospital products in 1992. Imitrex, Glaxo's newest major product launch in the U.S., got off to a start similar to the Zofran introduction in March 1991. In its first three months of sales in the U.S., Imitrex generated sales of $60 mil. -- the exact figure that Zofran generated in its first quarter of sales in the U.S. Worldwide, sumatriptan sales for migraine treatment were $188 mil. in 1993. More than 43% of the new sales growth worldwide for Glaxo in fiscal 1993 came from Glaxo's leading product, Zantac. The anti- ulcer drug reached worldwide sales of $3.5 bil. up from $3.2 bil. in 1992. Zantac "sales growth at constant exchange rates was 11%," Glaxo reported. The firm maintained that its worldwide share of the ulcer drug market in the 12 months through the middle of the summer was 38%. The worldwide figure is below the company's U.S. market share, which is holding at about 49%. Glaxo's antibiotic Ceftin "performed particularly well," Glaxo said, with worldwide sales reaching $617 mil. Glaxo's systemic antibiotics group, of which Ceftin is the leading product, had constant exchange sales growth of 11% to $1.3 bil. The soft spot in Glaxo's pharmaceutical growth was respiratory products. The company attributed problems for Ventolin to competition from non-aerosol generics and wholesaler buying patterns. The trend away from beta agonists as a chronic asthma treatment also is probably reflected in softness in that category for Glaxo. Total respiratory product sales were up about 4% in dollars to $1.76 bil. for Glaxo. The company reported that Serevent (salmeterol) sales increased to $118 mil., although the product is still not available in major market segments worldwide. A twice-daily dosage regimen was recommended for approval by an FDA advisory committee in February. The drug was recommended for use in chronic adult asthma and exercise-induced bronchospasms ("The Pink Sheet", March 1, p. 4).
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