Biotech Values

[DewDiligence]

AGN’s 2Q10 Latisse sales were $23.9M, +27% quarter-over-quarter and +82% year-over-year. (Latisse received FDA approval in Dec 2008.)

Despite the strong growth rate, Latisse sales remain below where I thought they would be by now, about 1.5 years post-launch. Today, AGN lowered 2010 sales guidance for Latisse to $90-100M, which implies $47-57M sales in 2H10.

Part of the reason for the slow uptake of Latisse is competition from non-prescription knockoff products (some of which may be illegal). Competition from off-label Lumigan may also be a factor in the slow uptake, although AGN does not explicitly acknowledge this.