COR Therapeutics, Inc. Reports Significant Draw Down of Wholesaler Inventory;
Business Editors/Health & Medical Writers
SOUTH SAN FRANCISCO--(BW HealthWire)--March 5, 2001--
Lowers Guidance for Worldwide Q1 and Year-End 2001
INTEGRILIN(R) (Eptifibatide) Injection Sales
COR Therapeutics, Inc. (NASDAQ: CORR) today indicated that while
demand for INTEGRILIN(R) (eptifibatide) Injection remained strong, it
was lowering its guidance for first quarter and year-end 2001
worldwide sales of INTEGRILIN(R) primarily due to unanticipated
reductions of wholesaler inventory levels. COR also said that it now
expects worldwide sales to be between $37 - $39 million for the first
quarter of 2001 and between $245 - $260 million for the year 2001.
Previous guidance was for worldwide sales to be between $250 - $270
million for the year 2001.
COR also provided guidance that it would have a corresponding loss
for the first quarter of $0.05 - $0.07 per share, as opposed to a
consensus projection of $0.03 net income per share for the first
quarter of 2001 and reduced its guidance for net income per share for
2001 to between $0.35 - $0.37, down from $0.40.
COR stated that in-market sales shares remained in the high-20
percent range and patient market shares were holding firm in the
mid-40 percent range. However, among the major wholesalers, average
inventory levels have fallen to between 0.3 - 0.4 months, as opposed
to 1.3 months at year-end 2000.
COR will webcast a financial community conference call today,
Monday, March 5, at 5:00 p.m. Eastern Standard Time (EST), or 2:00
p.m. Pacific Standard Time (PST). As part of the Company's efforts to
ensure full disclosure to all parties, COR Therapeutics will host the
webcast live on the Company's internet site as well as on internet
conference-call provider VCall. The call will be led by Vaughn M.
Kailian, President and Chief Executive Officer.
To access the live call or the 5-day archive, please log onto
corr.com. Alternatively, the webcast may be accessed by
logging onto http:\\www.vcall.com/NASApp/VCall/EventPage?ID=69962.
Please connect to either website at least 10 minutes prior to the
conference call to ensure adequate time for any software download that
may be needed to hear the live webcast.
COR Therapeutics, Inc. is dedicated to the discovery, development,
and commercialization of novel pharmaceutical products for the
treatment and prevention of severe cardiovascular diseases. In
addition to the historical information contained herein, this press
release contains forward-looking statements that involve risks and
uncertainties. Actual results may differ materially from the
anticipated results discussed in such forward-looking statements, due
to factors such as results of clinical trials with INTEGRILIN and
other factors discussed in the Company's SEC reports, including, but
not limited to, the Company's Report on Form 10-Q for the quarter
ended September 30, 2000, and Report on Form 10-K for the year ended
December 31, 1999. Forward-looking statements are based on current
expectations and the Company does not intend to update such
information to reflect later events or developments.
--30--ac/ny*
CONTACT: COR Therapeutics, Inc.
Peter S. Roddy
650/244-6893
or
Burns McClellan, Inc.
Lisa Burns
Jonathan M. Nugent
212/213-0006
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: MEDICAL PHARMACEUTICAL BIOTECHNOLOGY
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
*** end of story *** |
