Abbott/Boehringer's Mobic Sales Surge On COX-2 Safety Concerns
This article was originally published in The Pink Sheet Daily
Executive Summary
Sales of the non-steroidal anti-inflammatory agent jumped 177% in the fourth quarter on the heels of Merck's withdrawal of Vioxx. Abbott expects sales of Mobic to reach $1 bil. in 2005. The levothyroxine brand Synthroid is retaining 70% of the share it held before entry of generic competition.
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Sales of Abbott/Boehringer Ingelheim's non-steroidal anti-inflammatory agent Mobic (meloxicam) surged 177% in the fourth quarter, benefiting from growing concerns about the safety of COX-2 inhibitors. Fourth quarter U.S. sales were $258 mil., accounting for 44% of Mobic's full-year sales of $593 mil., Abbott announced Jan. 18. The 2004 sales represented an 85% increase over the prior year. Mobic sales have risen dramatically since Merck withdrew the COX-2 inhibitor Vioxx (rofecoxib) in September (1 (Also see "Mobic Market Share Doubles Following Vioxx Withdrawal" - Pink Sheet, 13 Oct, 2004.)). "New prescription share for Mobic is nearly the highest among branded products and total Mobic prescription share has more than doubled since September," Abbott Pharmaceutical Products Group President Jeffrey Leiden said during a quarterly earnings call. "Given recent trends in market share gains, we now expect sales of Mobic to be approximately $1 bil. in 2005," Leiden added. Abbott's copromotion agreement with BI for Mobic begins to transition into a distribution-only agreement in April 2005, with Abbott receiving a smaller share of Mobic revenue. Synthroid (levothyroxine) also had a stronger-than-expected quarter with sales of $141 mil, Abbott said. After 30 weeks of generic competition, Synthroid is retaining 70% of the share it held prior to the entry of generics, "well ahead of the typical generic incursion," Leiden said. The figure is down slightly from the 75% share Synthroid held in September, three months after Mylan and Sandoz launched AB-rated generics of the levothyroxine brand (2 (Also see "Synthroid Holding 75% Of Its Pre-Generic Script Share, Abbott Says" - Pink Sheet, 20 Sep, 2004.)). Synthroid's performance reflects "the strong patient loyalty to the brand, unprecedented support from physicians and the outstanding execution by our sales and marketing team," Leiden said. Abbott is continuing to promote Synthroid despite generic competition (3 (Also see "Abbott Will “Actively Promote” Synthroid Despite Generic Entrants" - Pink Sheet, 9 Jul, 2004.)). The company anticipates Synthroid sales of approximately $400 mil. in 2005. Abbott also reported that it has converted 65% of Biaxin (clarithromycin) scripts to the extended-release formulation of the drug (see 4 (Also see "Abbott/Boehringer's Mobic Sales Surge On COX-2 Safety Concerns" - Pink Sheet, 18 Jan, 2005.) ). - Andrew Kasper |