CHAPEL HILL - A wider first-quarter loss seemed almost an afterthought for Pozen's chief executive, who preferred to focus on the drug company's first product, which is to appear on pharmacy shelves next week.

CEO John Plachetka did his best to talk up sales prospects of the migraine treatment Treximet during a conference call with analysts Thursday.

He said the drug is superior to competing drugs on the market and praised GlaxoSmithKline, the powerful partner that will manufacture and market Treximet. But analysts were skeptical that Treximet can make up for the time lost during regulatory delays that cost more than 18 months.

Company shares fell 38 cents to $13.88.

Treximet is designated to replace GSK's Imitrex, a pill that generated $1.37 billion in sales last year. But less expensive generic versions of Imitrex will come to market as early as December, and analysts suggested that patients may be reluctant to switch to Treximet, which is expected to cost $15 to $18 a pill.

Health insurers may even resist paying for Treximet, some said.

"Treximet is a good opportunity, but there are challenges ahead," said Robert Hazlett of BMO Capital Markets. He estimated that Treximet will generate $75 million in sales this year, less than Pozen's forecast of $100 million to $200 million.

Treximet is a combination of two proven medicines, the active ingredient in Imitrex and an anti-inflammatory painkiller. The medicines seem to complement one another and are more effective at keeping migraines from coming back than other medicines, clinical trial results show.

The Food and Drug Administration approved Treximet for sale April 15. The drug is packaged at GSK's manufacturing plant in Zebulon, where Imitrex is prepared for shipment.

The FDA approval triggered $20 million in payments from GSK, which will help Pozen's second-quarter results. The company also is working with AstraZeneca on another pain medicine.

Pozen expects 2008 revenue of $62 million to $68 million, including $5 million to $9 million from Treximet royalties.

For the first quarter, the company reported a loss of $7.4 million, or 25 cents a share, largely because of rising research costs. That compared with a loss of $2.1 million, or 7 cents a share, during the period last year.

Revenue was $7.8 million, up just slightly.