Drug producer Pharmacia said today its first quarter operating earnings rose 19 per cent due to surging US pharmaceutical sales and strong growth of its arthritis, cancer and glaucoma medicines.
Pharmacia reported an 8 per cent jump in first-quarter sales over the year-earlier period to $4.51 billion. Sales of Celebrex rose 24 per cent to $649 million and sales of Xalatan were up 24 per cent to $200 million.
Global prescription drug sales increased 15 per cent in the period to $2.7 billion and would have risen 19 per cent except for negative foreign exchange factors, with US drug sales gaining 18 per cent.
Pharmacia shares closed yesterday at $48.01 on the New York Stock Exchange, between a year-high of $64 and 52-week low of $42.60.
The stock is off 21 per cent since the start of the year and has underperformed its peers on the AMEX Pharmaceutical index, which is down 15 per cent year-to-date.