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Prevacid struggles

This article was originally published in The Tan Sheet

Executive Summary

Abbott/TAP joint venture readjusts 2004 sales expectations due to a reported 7% year-to-date decline in the Rx PPI market. Prilosec OTC has "probably had more of an impact on the branded side than anticipated, or at least the impact has lasted longer," says Abbott Divisional VP-Investor Relations John Thomas in a July 9 earnings call. TAP now expects full-year Prevacid sales to decrease by around 10%, according to Abbott, and will attempt to reinvigorate the brand by targeting adolescents and launching new formulations such as the recently approved Prevacid SoluTab Orally Disintegrating Tablets. SoluTabs provide "flexibility and convenience, especially in children and other patients that have difficulty swallowing," states Abbott VP-Investor Relations & Public Affairs Catherine Babington. The firm expects the branded PPI market will grow "at a more modest rate" in the second half of 2004...
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