Biotech Values

[DewDiligence]

Re: HBV market / Baraclude sales ramp

3.5 years after reaching the market, Baraclude has plateaued at an annualized rate of just under $600M. The cause of the plateau is almost certainly the approval and launch of Viread for HBV in August 2008.

Baraclude’s sales ramp was painfully slow at the outset (because existing HBV patients do not switch meds unless they suffer a viral breakthrough), but it picked up nicely in the third year on the market.

3Q08 $144M
2Q08 $136M

3rd full year (Apr07-Mar08): $348M
2nd full year (Apr06-Mar07): $117M*
1st full year- (Apr05-Mar06): $23M

*Added to AASLD guidelines Feb 2007;
Japan, EU launches Jul 2006.