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P&G earnings

This article was originally published in The Tan Sheet

Executive Summary

Prilosec OTC (omeprazole magnesium) helped drive Procter & Gamble's Health Care unit second-quarter net sales up 29% over the year-ago quarter to $2.64 bil., the firm announces Jan. 27. The healthcare segment, which was also boosted by Rx osteoporosis treatment Actonel, contributed significantly to the firm's 8% increase in organic sales for the quarter ended Dec. 31. Net sales for the period increased 27% to $18.34 bil., reflecting the Gillette acquisition completed in October. Despite Prilosec OTC's recent success, potential competitors are lining up. Novartis has licensed the switch rights toPrevacid (lansoprazole) from TAP and is eying a 2009 switch. Prilosec OTC will lose Hatch/Waxman marketing exclusivity in June, although patents listed in FDA's Orange Book extend through 2019. FDA cleared a suitability petition in July that opens the door for an ANDA application to market a generic version of Prilosec OTC in capsule form...
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