GELX up quite a bit today, 7 9/16 as of 12:15 EST, probably because GENZ press release had the following
(GENZ presents at H&Q at 4:00 PST today):
``Our 1999 performance was fueled by revenue from new products, as well as solid revenue growth in existing products,' said Henri Termeer. ``Reported revenue, however, does not include sales of Renagel© Capsules, one of the company's fastest growing new products.'
Renagel is the first product Genzyme General is commercializing for which revenues are recorded by a joint venture. Including Renagel revenue, Genzyme General's total 1999 revenues would be $655 million, a 15 percent increase over 1998 revenues, and fourth-quarter revenues would be $180 million, 16 percent higher than revenues for the same quarter in the previous year. Results from joint venture products will become increasingly important to Genzyme General's growth. Renagel is being commercialized by Genzyme General through a joint venture with GelTex Pharmaceuticals Inc.
Genzyme General expects to double Renagel sales this year and launch the product in Europe following approval. In 1999, Renagel's first full year on the market, sales were $19.5 million. In the fourth quarter of 1999, Renagel sales increased 64 percent to reach $7.4 million, compared with sales of $4.5 million in the third quarter. The number of total prescriptions for Renagel continues to rise steadily, demonstrating the product's growing acceptance in the health care marketplace. For 1999, approximately 145,000 prescriptions were written for Renagel, and an estimated 30,000 patients in the United States are currently taking the product.
Renagel is used to control serum phosphorous levels without adding calcium in patients with end-stage renal disease undergoing dialysis. Elevated serum phosphorous levels and calcium have been correlated with increased morbidity and mortality in these patients.
P.S. Congratulations to all! |
