Pharmos Announces Record Quarterly Revenues in Fiscal Third Quarter; International Marketing Commences in October
ISELIN, N.J., Oct. 17 /PRNewswire/ -- Pharmos Corporation (Nasdaq: PARS and Easdaq: PHRM) announced today a record quarterly total of approximately $1.5 million in unaudited net product revenues in the third quarter ended September 30, 2000. Revenues in the third quarter grew 10% over the previous quarter and were almost double those in the 1999 third quarter.
For the nine months ended September 30, 2000, unaudited net product revenues reached approximately $3.6 million, a substantial increase over the $2.0 million recorded during the same period in 1999. Net product revenues during the first nine months of 2000 have already exceeded total revenues of the Company in 1999.
``We are very pleased with the growth in sales of Lotemax® and Alrex® in the U.S.,'' said Robert W. Cook, V.P. Finance & CFO. ``Based on the products' strengths and growing acceptance by ophthalmologists, we look forward to continued sales growth as the products are introduced internationally.''
Bausch & Lomb Pharmaceuticals, the Company's partner for its ophthalmic products, recently announced that it initiated marketing Lotemax in Argentina. Applications for approval to market 0.5% loteprednol etabonate (Lotemax) and/or 0.2% loteprednol etabonate (Alrex) suspensions under several trade names are pending in the U.K., China and Mexico. The products have been approved in Brazil, where marketing is expected to commence in 2001.
Sales growth during the third quarter resulted from successful marketing efforts by Bausch & Lomb Pharmaceuticals, a division of Bausch & Lomb Incorporated (NYSE: BOL - news), and by additional buying in advance of a price increase on Alrex. According to IMS Health data, Lotemax increased its market share during the third quarter, recording a 12.4% share of new prescriptions by ophthalmologists during the last week in September. The share for Alrex of the ophthalmologist portion of the ophthalmic allergy market is approaching 10%. Lotemax and Alrex market shares at the end of the 1999 third quarter were, respectively, 7.5% and 8.3%, and in June 2000 were 11% and 9.1%.
Pharmos expects to report its third quarter and nine month 2000 financial results in early November. |
