Schwarz Pharma publishes half-year report

Schwarz Pharma has published its half-year report for the 2008 financial year.

During the period, the company generated revenues of 196.7 million euros (156 million pounds), a fall of 8.3 per cent on the same period last year.

The company attributed this drop to the absence of milestone payments equal to 47.1 million euros, as net sales for the half-year duration rose by 17.4 per cent to 196.7 million euros.

As a result of the lack of milestone payments and a lower gross margin, the comapany’s operating result decreased from 21.7 million euros to a loss of 16.5 million euros, with a net loss of 27.4 million euros.

The company forecasts revenues to reach approximately 350 million euros for the full year, with a negative net result in the double-digit millions.

“This outlook takes into account the impact of the inability to deliver Neupro [rotigotine transdermal patch] in the US announced in March 2008 and possible measures for restoring delivery capability as well as start-up expenses for producing the drug fesoterodine,” Schwarz Pharma said.

It added this outlook does not include earnings from partnerships or the divestment of any products, while expenses following instructions included in domination and profit transfer agreements.

In July 2007, Schwarz Pharma and UCB announced plans to co-promote Neupro as a treatment for the early stages of idiopathic Parkinson’s disease.