Abbott Exits Boehringer Ingelheim Distribution Deal Early
This article was originally published in The Pink Sheet Daily
Termination of the agreement to distribute Mobic, Flomax and Micardis in the U.S. is expected to boost Abbott’s gross margins, the company reports.
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Consolidation and staff reductions in global manufacturing operations are designed to improve gross margins, which have been negatively impacted by sales of lower margin products, such as Mobic and Flomax, which Abbott distributes under a deal with Boehringer. Abbott is cutting 700 manufacturing positions.
The company will move from actively co-promoting to merely distributing Flomax at the end of August under its 1999 agreement with Boehringer Ingelheim. Tarka and Omnicef could pick up reps from the Flomax sales force, Abbott says.
The virtual J.P. Morgan Healthcare meeting was missing the usual energy but still had substance.