Schwarz Pharma ‘reduces profit losses’

Schwarz Pharma has lowered its losses this year in comparison to last, according to latest figures posted by the pharmaceutical company.

The German drug-maker says that third-quarter losses were 23.3 million euros (GBP 15.6 million), which is a reduction from the figure of 50.5 million euros (GBP 33.9 million) as reported last year.

Sales rose by 1.4 per cent in the third-quarter to around 236.8 million euros (GBP 159 million), according to a statement from the company released by DGAP. This is higher than expected from a poll of Reuters analysts who forecast profits of 226.2 million euros (GBP 151.9 million).

The company states that money spent on development and marketing of new drugs and experimental treatments made it an attractive prospect for Belgium’s UCB SA which is buying the pharmaceutical.

It adds that research and development costs fell, which limited losses and that this was down to a reduction in payments, such as those given to Aderis pharmaceuticals last year for Neupro.

Schwarz’s chief executive officer commented: “In the first nine months of 2006 our business developed according to plan. Moreover, we were able to report positive data on our phase III projects.”

Reuters states that the company expects annual peak sales of around 900 million euros from its treatments for epilepsy and neuropathic pain, both of which are to be submitted for marketing approval in the second quarter of next year.