NAPROSYN AND ANAPROX FIRST QUARTER SALES HIT $137 MIL., AS NSAIDS MAKE UP TWO-THIRDS OF SYNTEX DRUG VOLUME; MEDICINE SHOPPE FISCAL 1986 PROFITS UP

Executive Summary

Worldwide sales of Naprosyn (naproxen) and Anaprox (naproxen sodium) increased 7% to $137.3 mil. during the first quarter, Syntex reported. Together the two NSAIDs made up 65% of the company's $211.5 mil. total pharmaceutical sales and over half of its $263 mil. corporate volume. Much of the increase took place outside the U.S, however, where combined sales of Naprosyn and Anaprox jumped 20% to $43 mil. Sales in the larger U.S. market increased only 2% to $94 mil. The company attributed the sales growth outside the U.S. to a weakening dollar and higher volume. For the three months ended Oct. 31, Syntex reported a 31% increase in net earnings, from $49 mil. in the first quarter of fiscal 1986 to $64 mil. "Our record earnings performance was made possible by increased pharmaceutical sales; good growth in our diagnostics business; and improved performance in our animal health business," Syntex Chairman Albert Bowers, PhD, noted. The earnings jump came on a 7% increase in total corporate sales. Syntex also reported that R&D spending was approximately 11% higher than in the same quarter of fiscal 1986. The company said that for all of fiscal 1987 it plans to increase R&D spending roughly 20%. Medicine Shoppe showed strong sales and earnings growth for both the quarter and year ended Sept. 30. Three-month volume was up nearly 27% to $4.7 mil., while net earnings made a similar move, rising 26% to just over $1 mil. For all of fiscal 1986, volume and profits increased in excess of 20%. Year-end sales were up 22.3% to nearly $17 mil. and net earnings jumped almost 21% to $3.6 mil. Chart omitted.