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| The maker of Tamiflu says it's willing to discuss the possibility that other companies could produce the drug. (October 19) |
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LONDON (Dow Jones) - Swiss drugmaker Roche said Wednesday that third-quarter sales rose 20%, boosted by sales of cancer medicines and Roche's exclusive rights to influenza treatment Tamiflu.
Roche (RHHDY) sales rose to SFr8.8 billion ( $6.8 billion ) in the third quarter, up from SFr7.4 billion the previous year.
Pharmaceutical division sales grew 21% to SFr6.8 billion, helped by strong demand for cancer medicines such as Avastin for colorectal cancer and lung cancer treatment Tarceva and by significant growth in Tamiflu sales, Roche said.
Roche is the majority owner of biotech Genentech (DNA).
"Overall we view these as a strong set of sales numbers that are tracking ahead of our full year forecasts," said Merrill Lynch analysts, noting that the sales beat both its own forecast of SFr8.3 billion and the consensus forecast of SFr8.5 billion.
"As expected from the strong third-quarter Genentech results, the key drivers in the oncology portfolio put in strong performances," the bank noted.
Roche shares fell 0.8%, after recent gains from the spread of the bird flu virus to Europe .
A number of governments are stockpiling Tamiflu as part of a pandemic readiness program, Roche added, noting that sales of the drug rose 148% to SFr279 million during the quarter.
Tamiflu is considered a first line of defense against a bird flu pandemic.
Around SFr109 million of the quarterly Tamiflu sales were to the U.S., with SFr2 million to Japan and SFr168 million to Europe and the rest of the world.
Europe and the rest of the world showed the sharpest rise in Tamiflu sales, up 158%, while sales to the U.S. rose 132% and sales to Japan were flat in the quarter.
Tamiflu sales were ahead of forecasts due to around SFr100 million of additional pandemic contracts, Merrill Lynch noted.
Roche said it has donated 3 million packs of Tamiflu to the World Health Organization for use as a rapid response stockpile in the event of an outbreak of a pandemic strain.
Elsewhere, sales in the company's diagnostics division increased 6% to SFr2 billion, the company said, helped by molecular diagnostics, immunodiagnostics and diabetes care products.
(END) Dow Jones Newswires
10-19-05 0523ET Copyright (c) 2005 Dow Jones & Company, Inc. Copyright (C) 2005 Dow Jones & Company, Inc. All Rights Reserved.
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