Tous Actualités
Suivre
Abonner Lilly ICOS LLC

Lilly ICOS LLC

Lilly ICOS LLC Reports Third Quarter 2004 Cialis Worldwide Sales of US$154 Million

Bothell, Washington and Indianapolis, Indiana (ots/PRNewswire)

- Third Quarter 2004 U.S. sales of Cialis exceed US$70 million -
Lilly ICOS LLC (Lilly ICOS) (NYSE: LLY and Nasdaq: ICOS) is
releasing its financial results for the three and nine months ended
September 30, 2004. Worldwide sales of Cialis(R) (tadalafil) in the
third quarter of 2004 were US$154.1 million, compared to US$50.2
million in the third quarter of 2003.
    (All figures in US Dollars)
      Cialis Net Product Sales:
      (in millions)
                              Three Months Ended      Nine Months Ended
                                 September 30,           September 30,
                             --------------------- ----------------------
                               2004        2003        2004        2003
                            ---------   ---------   ---------   ---------
      Lilly ICOS Territories:
         United States        $70.2         $--      $153.8         $--
         Europe(1)             43.5        26.1       125.1        64.6
         Canada and Mexico      9.3         2.3        24.1         2.3
                            ---------   ---------   ---------   ---------
            Total Lilly ICOS  123.0        28.4       303.0        66.9
      Lilly Territories        31.1        21.8        96.6        42.2
                            ---------   ---------   ---------   ---------
            Worldwide Total  $154.1       $50.2      $399.6      $109.1
                            =========   =========   =========   =========
"We are delighted with the U.S. sales performance of Cialis in the
third quarter of 2004," commented Paul N. Clark, ICOS Chairman and
CEO. "In the U.S., Cialis has gained market share of total
prescriptions of PDE5 inhibitors each month since it was launched,
reaching 17.1% for September 2004.(2) We are pleased that a Lilly
ICOS analysis of IMS data shows that Cialis is the most widely
prescribed PDE5 inhibitor when U.S. patients are switching from one
product to another."
Clark added, "At this time, based on results to date, we expect
worldwide 2004 sales of Cialis to be in the middle of the range of
our guidance of US$500 million to US$600 million. Third quarter 2004
results reflect a combination of steady revenue growth, cost
management and the timing of certain marketing and sales initiatives.
While we expect costs to moderate further over time, Lilly ICOS does
not expect further cost decreases in the fourth quarter of 2004."
In Canada, Mexico and across Europe, market share for Cialis also
continues to increase. Among major markets in August 2004, wholesaler
to pharmacy market share of Cialis ranged from 22% in the U.K. to 41%
in France.(3) Third quarter 2004 European sales were reduced
slightly, on a consecutive quarterly basis, due to a temporary
closure of a Lilly European distribution center due to a systems
upgrade in July. That scheduled closure, which was announced to
wholesalers in advance, accelerated some sales into the second
quarter.
Financial Results
For the three months ended September 30, 2004, Lilly ICOS reported
a net loss of US$21.4 million, compared to a net loss of US$33.9
million for the three months ended September 30, 2003.
Total Lilly ICOS revenue for the third quarter of 2004 was
US$129.2 million, compared to US$32.8 million for the third quarter
of 2003. Lilly ICOS revenue for the 2004 period includes US$6.2
million in royalties on sales reported by Lilly, compared to US$4.4
million in royalty revenue for the third quarter of 2003. The
increase in Lilly ICOS revenue reflects the U.S. launch of Cialis in
November 2003 as well as the global expansion of Cialis availability
to approximately 100 countries today.
Cost of sales, including royalties payable by Lilly ICOS equal to
5% of its net product sales, increased US$7.4 million from the third
quarter of 2003, to US$10.2 million in the third quarter of 2004. As
a percent of net product sales, cost of sales was 8.3% in the third
quarter of 2004, compared to 9.9% in the third quarter of 2003.
Selling, general and administrative expenses increased US$74.1
million from the third quarter of 2003, to US$123.2 million in the
third quarter of 2004. This is primarily due to increased 2004 sales
and marketing costs as Cialis was launched in August 2003 in Mexico
and November 2003 in the United States and Canada.
Research and development expenses were US$17.2 million in the
third quarter of 2004, compared to US$14.7 million in the third
quarter of 2003.
For the nine months ended September 30, 2004, Lilly ICOS reported
a net loss of US$230.6 million, compared to a net loss of US$117.1
million for the nine months ended September 30, 2003. The increase is
primarily due to sales and marketing costs associated with the timing
of launches of Cialis in the United States, Canada and Mexico.
About Lilly ICOS LLC
Lilly ICOS LLC, a 50/50 joint venture between ICOS Corporation and
Eli Lilly and Company, is marketing Cialis for the treatment of
erectile dysfunction in North America and Europe.
Eli Lilly and Company, a leading innovation-driven corporation, is
developing a growing portfolio of first-in-class and best-in-class
pharmaceutical products by applying the latest research from its own
worldwide laboratories and from collaborations with eminent
scientific organizations. Headquartered in Indianapolis, Indiana,
Lilly provides answers -- through medicines and information -- for
some of the world's most urgent medical needs.
ICOS Corporation, a biotechnology company headquartered in
Bothell, Washington, is dedicated to bringing innovative therapeutics
to patients. ICOS is marketing its first product, Cialis, through
Lilly ICOS LLC. ICOS is working to develop treatments for serious
unmet medical conditions such as chronic obstructive pulmonary
disease, benign prostatic hyperplasia, cancer and inflammatory
diseases.
Except for historical information contained herein, this press
release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on current expectations,
estimates and projections about the industry, management beliefs and
certain assumptions made by the management of ICOS and Lilly.
Investors are cautioned that matters subject to forward-looking
statements involve risks and uncertainties, including economic,
competitive, governmental, technological, legal and other factors
discussed in the two companies' respective filings with the
Securities and Exchange Commission, which may affect the business and
prospects of the two companies and Lilly ICOS. Results and the timing
and outcome of events may differ materially from those expressed or
implied by the forward-looking statements in this press release. More
specifically, there can be no assurance that Cialis will achieve
commercial success or that competing products will not pre-empt
market opportunities that might exist for the product.
The forward-looking statements contained in this press release
represent ICOS' and Lilly's judgment as of the date of this release.
Neither ICOS nor Lilly undertake any obligation to update any
forward-looking statements.
    (All figures in US Dollars)
                      -Selected financial data follows-
                                  Lilly ICOS LLC
                 Condensed Consolidated Statements of Operations
                                  (in thousands)
                                   (unaudited)
                                Three Months Ended     Nine Months Ended
                                   September 30,         September 30,
                                2004        2003       2004        2003
                             ----------- ----------- ---------- ---------
    Revenue:
      Product sales, net      $123,020    $28,449    $303,037    $66,917
      Royalties                  6,210      4,352      19,311      8,442
                             ---------- ----------  ---------- ----------
        Total revenue          129,230     32,801     322,348     75,359
                             ---------- ----------  ---------- ----------
    Expenses:
      Cost of sales             10,173      2,803      25,728      6,577
      Selling, general and
       administrative          123,222     49,145     476,113    140,085
      Research and development  17,203     14,735      51,149     45,764
                             ---------- ----------  ---------- ----------
        Total expenses         150,598     66,683     552,990    192,426
                             ---------- ----------  ---------- ----------
    Net loss                  $(21,368)  $(33,882)  $(230,642) $(117,067)
                             ========== ==========  ========== ==========
                                Lilly ICOS LLC
                         SUMMARIZED OPERATING RESULTS
                                (in thousands)
                                 (unaudited)
                                                      2004
                                        Q1        Q2        Q3        TOTAL
                                    ---------- ---------- ---------- --------
     Revenue:
       Product sales, net:
         United States                $32,807   $50,768   $70,226   $153,801
         Europe                        36,356    45,301    43,414    125,071
         Canada and Mexico              5,854     8,931     9,380     24,165
                                       75,017   105,000   123,020    303,037
       Royalties                        6,652     6,449     6,210     19,311
                                    ---------- ---------- ---------- --------
         Total revenue                 81,669   111,449   129,230    322,348
                                    ---------- ---------- ---------- --------
     Expenses:
       Cost of sales                    6,573     8,982    10,173     25,728
       Selling, general and
        administrative                195,053   157,838   123,222    476,113
       Research and development        18,827    15,119    17,203     51,149
                                    ---------- ---------- ---------- --------
         Total expenses               220,453   181,939   150,598    552,990
                                    ---------- ---------- ---------- --------
     Net loss                       $(138,784) $(70,490) $(21,368) $(230,642)
                                    ========== ========== ========== ========
                                               2003
                             Q1        Q2        Q3        Q4       TOTAL
                         ---------- --------- --------- --------- ----------
     Revenue:
      Product sales, net:
       United States           $-        $-        $-   $27,922    $27,922
       Europe              16,615    21,853    26,154    30,442     95,064
       Canada and Mexico        -         -     2,295     4,547      6,842
                           16,615    21,853    28,449    62,911    129,828
      Royalties               975     3,115     4,352     6,263     14,705
                         ---------- --------- --------- --------- ----------
       Total revenue       17,590    24,968    32,801    69,174    144,533
                         ---------- --------- --------- --------- ----------
     Expenses:
      Cost of sales         1,604     2,170     2,803     5,966     12,543
      Selling, general
       and administrative  42,396    48,544    49,145   103,025    243,110
      Research and
       development         16,685    14,344    14,735    17,858     63,622
                         ---------- --------- --------- --------- ----------
       Total expenses      60,685    65,058    66,683   126,849    319,275
                         ---------- --------- --------- --------- ----------
     Net loss            $(43,095) $(40,090) $(33,882) $(57,675) $(174,742)
                         ========== ========= ========= ========= ==========
    (1)  Austria, Belgium, Denmark, Finland, France, Germany, Greece,
         Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal,
         Spain, Sweden, Switzerland and the United Kingdom.
    (2)  IMS National Prescription Audit Plus(TM), October 2004.
    (3)  IMS Health. IMS MIDAS, Copyright 2004.
    (Logo:  http://www.newscom.com/cgi-bin/prnh/20040122/LILLYICOSLOGO )

Contact:

Terra Fox of Lilly, +1-317-276-5795; or Lacy Fitzpatrick of ICOS,
+1-425-415-2207; Photo:
http://www.newscom.com/cgi-bin/prnh/20040122/LILLYICOSLOGO , PRN
Photo Desk, photodesk@prnewswire.com; FCMN Contact:
terrafox@lilly.com

Plus de actualités: Lilly ICOS LLC
Plus de actualités: Lilly ICOS LLC