GTC Biotherapeutics (fka GTCB)

[DewDiligence]

NovoSeven update from 2Q07 CC:

“It’s not a secret that our NovoSeven
business has a very attractive gross margin.”
—Lars Rebien Sørensen, CEO of Novo Nordisk, on last week’s CC

NovoSeven sales in 1H07 rose 11% in local currencies vs 1H06 (+5% in DKK) to $535B. In 2Q07, sales were $277M (a $1.1B annualized rate), +7% vs 1Q07.

In the U.S., approximately 20% of NovoSeven sales are off-label.

Sales growth in 2008 is expected to slow somewhat due to increased use of high-dose FVIII/FIX concentrates (rather than FVIIa) to overcome inhibitors to FVIII/FIX by the “brute force” method.