Novartis keeps hopes high for Prevacid 24HR
This article was originally published in The Tan Sheet
Executive Summary
Novartis expects the proton pump inhibitor to become a top-five OTC brand in the U.S. during its three-year market exclusivity, CEO Daniel Vasella says during an Oct. 22 third-quarter earnings call. The firm estimates Prevacid 24HR (lansoprazole) will hit 100,000 store shelves by mid-November (1"The Tan Sheet" Sept. 28, 2009, In Brief). Separately, Vasella said the firm's consumer business is benefiting as consumer spending picks up following a sluggish start this year. Specifically, the company's "good range" of cough and cold products for the current season drove sales of OTC drugs up 3 percent, he said. Consumer health business sales in the July-September period rose slightly to $1.5 billion. Overall net sales rose 3 percent to $11.1 billion, and net income was flat at $2.1 billion