SYNTEX' 3rd QTR NET PLUNGES 45%
Syntex, for which a bid has been made by the Swiss pharmaceutical major Hoffmann-La Roche (Marketletters passim), announced a decline in net profits in the fiscal 1994 third quarter of 45.1% to $22.4 million. Earnings per share fell 44% to $0.10. Sales for the quarter were down 31% to $402.1 million.
The reported quarter ended April 30 is the first full quarter to feel the effects of generic competition to the company's nonsteroidal anti-inflammatories Naprosyn (naproxen) and Anaprox (naproxen sodium). The US patents on these two products expired at the end of 1993.
Paul Freiman, chairman and chief executive said: "the decline in sales and earnings in the fiscal third quarter compared with the third quarter a year ago was primarily due to the expiration of the US patent for Naprosyn and Anaprox and the shift in sales from those branded products to lower-priced generic...products." R&D spending was up 1% to $102.4 million.
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