Salix earnings hurt by generics
Published: Mon, Aug. 04, 2008 04:39PM
Modified Mon, Aug. 04, 2008 04:44PM
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closeSalix reported its second quarterly loss in a row as generic rivals continue to hurt sales of a drug that was once the Morrisville company's best seller.
Colazal, a treatment for ulcerative colitis, was responsible for a 38 percent drop in total revenue in the three months ended June 30. The Food and Drug Administration approved cheaper, generic versions of the drug Dec. 28.
For the second quarter, Salix reported a loss of $7.1 million, compared to $10.2 million in profits for the same period a year ago. The company, which specializes in gastrointestinal treatments, recorded revenue of $41.1 million for the quarter, down from $69.2 million a year ago.
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The loss in the first quarter was $24 million.
Salix, which sells about a dozen products, projected more quarterly losses this year.
The company reported second quarter financial results today after the close of the market. Shares closed at $7.85 Monday.
sabine.vollmer@newsobserver.com or (919) 829-8992.
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