Lilly Icos posts higher sales of Cialis
By JOHN COOK
SEATTLE POST-INTELLIGENCER REPORTER
Lilly Icos, the joint venture behind the erectile-dysfunction drug Cialis, reported $108 million in worldwide sales in the first quarter as more men experimented with the long-lasting effects of the drug.
The company, a joint venture of Bothell-based Icos Corp. and Indianapolis-based Eli Lilly & Co., said Cialis is now the second-most frequently prescribed erectile-dysfunction drug in the United States. Unlike competitors, Cialis allows men to achieve an erection up to 36 hours after taking the pill.
Pfizer's Viagra, which lasts about four hours, remains the top seller in the United States. But Lilly-Icos presented data showing that Cialis captured 11.1 percent of erectile-dysfunction drug prescriptions for the week ended April 2. That compares with 10.3 percent for Levitra, a medication from GlaxoSmithKline and Bayer Pharmaceuticals. Cialis was approved for U.S. sale in November, making it the newest entrant in the multibillion-dollar erectile-dysfunction market.
Cialis, Levitra and Viagra -- known as PDE5 inhibitors -- allow increased blood flow to the penis and help men retain erections during sexual intercourse.
Sales of Cialis increased 13 percent in the first quarter when compared with the $94.2 million generated in the previous quarter. The joint venture's loss for the quarter was $138.8 million. That compares with a loss of $43.1 million for the same period last year.
In a research note, biotechnology analyst Paul Latta said sales came in below his expectations but earnings results were above projections. Latta, with McAdams Wright Ragen in Seattle, expects a net loss of $265 million for the joint venture this year. He expects Cialis revenues to reach $600 million.
Analyst Bert Hazlett of SunTrust Robinson Humphrey said Cialis' 36-hour effect will help drive sales this year to $600 million. He expects Viagra sales to be flat this year at about $1.9 billion. "Cialis is clearly differentiated compared with the other two drugs. We have every expectation it will challenge Viagra over time."
Icos, which is backed by Microsoft Corp. co-founder Bill Gates, plans to release full earnings on May 3. Eli Lilly reported earnings yesterday, posting a 2 percent decline in earnings and a 17 percent increase in sales.
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