Business Wire - Fitch Publishes Third Quarter Global Pharmaceutical R&D Pipeline Report
CHICAGO — The Fitch Ratings global pharmaceutical team is presenting its ‘Global Pharmaceutical R&D Pipeline’ report for the third quarter, today. The overview details the most current developments of late-stage R&D brand name pharmaceutical projects of major drug developers and provides details about relevant industry issues.
Successful R&D is more critical for the industry compared to previous years, in order to mitigate exposure to potentially dramatic intellectual property losses which will affect many industry participants after the end of the decade.
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The majority of marketing approvals could be seen in Europe during the third quarter. The European Agency for the Evaluation of Medicinal Product’s marketing approvals doubled those of the Food and Drug Administration, and included several potential blockbuster pharmaceuticals. The lower number of U.S. approvals reflects the heightened safety issues that continue to play into regulatory decisions granting marketing authorization of new pharmaceuticals.
On the other hand, first-time U.S. generic competition for major products in the third quarter was limited to European names and mainly hit GlaxoSmithKline’s Coreg and Novartis’ Lamisil.
In terms of sales growth, U.S. names were leading the third quarter sales growth of 8.1% (up from 7% in the second quarter), driven by Bristol-Myers Squibb (25%), Abbott Laboratories (20%) and Eli Lilly (19%). The world’s two largest pharmaceutical companies, GlaxoSmithKline and Pfizer, saw a slight sales decline driven by patent expiry in the third quarter.
The trend towards shareholder-friendly stances continued in the third quarter, as demonstrated by the industry collectively paying dividends of $8 billion and repurchasing common shares totaling more than $11 billion. Credit concerns are heightened if the shareholder-friendly trend is not accompanied by moderation of acquisition activities.
The full ‘Global Pharmaceutical R&D Pipeline - Third Quarter 2007′ can be found on the Fitch Ratings’ web site www.fitchratings.com. The report incorporates three year periods (two years for European companies) as it looks forward to calculate revenues potentially subject to generic competition as well as a historical presentation of sales from market introduction. The Fitch team will continue to issue this report on a quarterly basis following earnings reporting.
Fitch’s rating definitions and the terms of use of such ratings are available on the agency’s public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch’s code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the ‘Code of Conduct’ section of this site.
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