In Brief: Pharmacia & Upjohn
This article was originally published in The Tan Sheet
Executive Summary
Pharmacia & Upjohn: Consumer Health sales fell nearly 20% to $138 mil. in the third quarter and were down 18% to $458 mil. in the nine months ended Sept. 30, the firm said Oct. 31. P&U points to generic competition for Rogaine 2% minoxidil hair regrowth treatment as well as wholesaler inventory reductions in anticipation of the approval of Rogaine Extra Strength for Men (5% minoxidil) as reasons for the drop. P&U's consolidated results were down as well. Overall sales declined 10% to $1.6 bil. in the third quarter, and net earnings fell 20% to $184 mil. In the nine months, sales decreased 7% to $4.9 bil. and net income dropped 24% to $556 mil...