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1Q Financial Reports

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Merck
1Q Revenues: $5.8 billion (+7%)
1Q Earnings: $1.7 billion (+12%)
Comments: Gardasil sales reached $365 million in the quarter. Key products — including Singulair, Zetia, Vytorin and Januvia — drove results in the quarter. Combined global sales of Zetia and Vytorin, as reported by the Merck/Schering-Plough partnership (recognized as equity from a joint venture and not as revenues), reached $1.2 billion, up 47%. Singulair sales reached $1 billion, up 25%. Worldwide sales for Januvia (launched in October) reached $87 million in the quarter. R&D expenses were $1 billion for the quarter, up 9%.

Wyeth
1Q Revenues: $5.4 billion (+11%)
1Q Earnings: $1.3 billion (+12%)
Comments: Worldwide pharmaceuticals revenue was up 11% to $4.5 billion in the quarter, driven by Prevnar, Enbrel, Nutrition products and Zosyn sales. Prevnar sales were $617 million, up 43%. Enbrel sales (outside of the U.S. and Canada) were $445 million, up 33%. Zosyn sales were $281 million, up 18%. Alliance revenue increased 20% to $304 million in the quarter due to higher Enbrel sales in the U.S. and Canada. R&D expenses were $750.7 million, up 10%. Results for the quarter included net charges of $42.6 million related to the company’s productivity initiatives.

Schering-Plough
1Q Revenues: $3 billion (+17%)
1Q Earnings: $565 million (+52%)
Comments: Sales of Remicade increased 34% to $373 million in the quarter. Nasonex sales rose 24% to $284 million. Sales of Pegintron increased 10% to $217 million. Clarinex sales were $204 million, up 28%. Sales of Temodar grew 20% to $196 million. Global cholesterol joint venture sales, which include Vytorin and Zetia (which are shared with Merck and are not recognized as product revenues), totaled $1.2 billion in the quarter, up 48%. R&D expenses were $707 million, up 47%.

Gilead
1Q Revenues: $1 billion (+48%)
1Q Earnings: $407.4 million (+55%)
Comments: Product sales were a record $840.2 million in the quarter, up 50%. HIV product sales were $705.1 million, up 56%. Truvada sales were $345.9 million, up 39%. Atripla sales were $190.2 million, up 38%. Hepsera sales were $71.3 million, up 35%. Royalty, contract and other revenues totaled $188.2 million, an increase of $54.7 million from 1Q2006. This increase was driven by Tamiflu royalties from Roche of $167.9 million, up 46%. R&D expenses in the quarter were $130.1 million, up 47%.

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