GTC Biotherapeutics (fka GTCB)

[DewDiligence]

NovoSeven sales update:

3Q07 NovoSeven sales were $276M (DKK 1,427), +2% vs 3Q06 and flat vs 2Q07.

In other words, NovoSeven has reached blockbuster status but continued growth is problematic due to the colossal cost per dose (which is the impetus for GTC’s rFVIIa program with LFB).

On the 2Q07 CC in August, NVO’s management noted that NovoSeven sales in 2008 are expected to flatten due to increased use of high-dose FVIII/FIX concentrates to overcome inhibitors to FVIII/FIX by the “brute force” method. Again, I would assume that the impetus for these substitutions is the high cost of NovoSeven.

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

NVO’s 3Q07 financial report can be read at:
http://www.novonordisk.com/include/asp/exe_news_attachment.pdf?sAttachmentGUID=a0d941c6-9bc8-40f7-8cd1-5c746a787f58