Merck -- 2 (confident can overcome 'patent expiration challenge')
12/09/98
AFX News
At a meeting with analysts at the company headquarters today, Gilmartin said the company is confident that that it can overcome what he described as "the patent expiration challenge".
Merck has introduced five of the 14 new products this year, and all "are at the very early stages of their product life cycles with room for significant growth," he said.
Merck plans to invest 2.1 bln usd in 1999, up 14 pct from the 1998 projected amount, to discover and develop new medicines.
David Anstice, president of human health for the Americas, said Merck will add 700 new sales representatives, in part to support the expected upcoming launch of Vioxx, the company's treatment for arthritis which is currently under review by the U.S. Food & Drug Administration.
Gilmartin said five drugs introduced this year -- Singulair for asthma, Maxalt for migraines, Aggrastat for cardiovascular disorders, Propecia for male pattern hair loss and Cosopt for glaucoma -- are performing above the company's targets.
Company executives said Zocor, Merck's cholesterol-lowering drug, is seeing its market share stabilize in 1998.
They attributed this to the promotion of new indications for stroke prevention and triglycerides reduction.
Fosamax, Merck's medicine to treat and prevent postmenopausal osteoporosis and reduce the risk of fractures due to osteoporosis, continues to be the leading non-hormonal treatment for osteoporosis worldwide despite new competition, Merck executives said.
Cozaar/Hyzaar, Merck's angiotensin II antagonist, also continued its market leadership in 1998 due to its "excellent tolerability profile and proven efficacy in treating high blood pressure, despite new competition in this class."
In 1998, Crixivan remained the most widely prescribed protease inhibitor for the treatment of HIV/AIDS worldwide.
"Despite the complex, challenging and highly regulated market environment, Merck continues to do well in Europe," said Per Wold-Olsen, president of Merck's human health group in Europe.
Per Lofberg, president of the company's Merck-Medco managed mare group, said that Merck-Medco continued its strong performance in 1998 and strengthened its position as the nation's leading pharmacy benefit manager.
He said Merck-Medco's growth was fueled by major new accounts gained in all market segments.
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