Biotech Values

[DewDiligence]

Re: 1Q12 Lovenox competitive landscape

SNY’s 1Q12 US sales of branded Lovenox were €122M, about $159 at the average exchange rate during the quarter; this figure excludes sales of SNY’s authorized generic, which were not explicitly disclosed (but see below):

http://finance.yahoo.com/news/sanofi-strong-performance-q1-2012-113000840.html

Sales of generics were euro 439 million, up 6.5%, driven by the U.S. performance which benefited from the recent launch of the authorized generic of Lovenox. U.S. sales of generic products increased 121.9% to euro 74 million.

For the sake of simplicity, if we assume that all of the 121.9% year-over-year increase in SNY’s US sales of generic drugs came from the Lovenox AG, then SNY’s 1Q12 sales of the Lovenox AG were about €33M or about $43M. This simplifying assumption should be accurate enough for our purposes.

Thus, we have the following breakdown of US Lovenox sales in 1Q12:

NVS: $176M
SNY (brand): $159M
SNY (AG): $43M
Amphastar/WPI: unknown

If we presume that Amphastar/WPI’s 1Q12 Lovenox sales were de minimis, then NVS’ share of US Lovenox sales during 1Q12 was 47%.