Basel, 21 July 2003 - Commenting on Novartis' first-half and second-quarter results published today, Dr. Daniel Vasella, Chairman and CEO of Novartis, said: "I am pleased with our strong performance as our consistent strategy continues to deliver double-digit sales growth and market share gains. For the remainder of the year, we forecast continued strong sales growth, with earnings supporting our strategy to bolster research and development and bring innovative medicines to patients."
Group sales up 20% (+12% in local currencies) to USD 11.9 billion
Continuing strong performances in Pharmaceuticals (+18%) and Sandoz (+87%) lifted Group first-half sales by 20% in USD. In local currencies (l.c.), the increase was 12%, of which 8 percentage points were due to volume expansion. Acquired businesses, most notably Lek, added 2 percentage points, as did price increases. The impact of currency translations from local currencies into USD added 8 percentage points to sales growth.
Group operating income rises 16% to USD 2.8 billion
Continued productivity gains and product-mix improvements led to a 1.0 percentage point reduction in the cost of goods sold to 23.4% of sales. Research & Development investments were increased significantly by 37% to 15.0% of sales as attractive in-licensing opportunities were captured and investments in the new research facilities at Cambridge, Massachusetts, were continued. Marketing & Sales investments to drive key brands and new product roll-outs increased slightly slower than sales and consequently dropped 1.0 percentage point to 32.1% of sales. As a result, first-half operating income rose 16%, whilst the operating margin was sustained at the first-quarter level of 23.6%.
Financial income, net
Successful management of currencies and bond investments resulted in a net financial income of USD 299 million, achieved amid challenging financial market conditions and falling interest rates. As expected, this result was lower than in the previous first half, when the level of liquid funds was higher.
Net income
First-half net income rose 1% to USD 2.4 billion as earnings growth was reduced in the second-quarter by one-time investments for in-licensing deals in Pharmaceuticals, and in the first-quarter by a one-time expense of USD 287 million related to the 2002 loss at the associated company Roche, reported in 2003. Excluding the Roche impact, first-half net income would have increased 13%.
Outlook 2003 (barring any unforeseen events)
Despite indications that major markets may be slowing down, Novartis is maintaining its 2003 outlook for Group and Pharmaceuticals sales to grow in the high single to low double digit percent range in local currencies, based on the continuing dynamic performance of its flagship pharmaceutical brands and new product roll-outs.
As Pharmaceuticals pursues its vigorous investment strategy to sustain high-level growth, Research & Development investments are projected to continue to increase over-proportionately to sales in 2003, underscoring the Group's commitment to bringing new therapies to patients.
Net financial income is expected to be below the previous year's level, reflecting the lower level of liquidity and challenging economic conditions. However, thanks to the strong operational performance, both full-year operating and net income are expected to exceed the previous year's levels, barring any unforeseen events.
Pharmaceuticals Division
Sales
With sales of USD 7.6 billion, Novartis' core Pharmaceuticals business delivered double-digit growth of 18% (10% in l.c.) in the first half and second quarter - in line with expectations - and continued to outpace the global market 1.
Driven by strong sales performances, Pharmaceuticals captured further market share in the key US market (sales: +14%) and in Japan (sales: +23%; +13% in l.c.), the second largest single market, as well as in Europe. Based on the latest available data (IMS, May), the company's overall share of the global healthcare market has risen to 4.3% from 3.9% a year previously.
Strong brand management sustained momentum and further strengthened category leadership within the fast-growing cardiovascular (+39%; +32% in l.c.) and oncology franchises (+38%; +27% in l.c.) with their flagship brands Diovan, Lotrel, Lescol, Gleevec/Glivec and Zometa. Significant contributions also came from the Respiratory & Dermatology and Neurology businesses, where Elidel, Trileptal, Exelon and Comtan all delivered strong growth.
With a number of new products now in their roll-out phase, Novartis enjoys a broad product portfolio, of which 83%2 is patent protected beyond 2006. The proportion of sales generated by newer products launched within the past five years rose to 24.5% from 19.6% in the previous first half.
Operating income
Pharmaceuticals' first-half operating income reached USD 2.1 billion, expanding slower than sales - as expected - principally because of the high level investment committed to drug discovery and in-licensing initiatives. The build-up of the new Cambridge biomedical research headquarters advanced at high speed, with its staff now at almost 300. In addition, several attractive in-licensing and acquisition initiatives were completed, most notably the Idenix, Regeneron, Enablex and LucentisTM3, transactions, which triggered one-time upfront expenses totaling USD 126 million. As a result, first-half Research & Development rose 35% to 19% of sales, which ranks Novartis at the top in the industry. Marketing & Sales were slightly increased to 34% of sales, as resources were committed to comprehensive launch efforts, principally the roll-out of Elidel in Europe, and the IBS educational and marketing campaigns behind Zelnorm. Meanwhile, continued productivity gains in production and product mix improvements shaved a further 1.1 percentage points off the cost of goods sold, which totaled 14.5% of sales. General & Administration expenses included a one-time gain of USD 178 million from the divestment of non-core product lines in January. Overall, the operating margin was 27.8% compared with 28.9% in the previous first half.
Highlights
Primary Care
Diovan (+45%; +37% in l.c.; US: +35%) further extended its share of the antihypertensive category and the fast-growing angiotensin receptor blocker (ARB) segment, spurred by dynamic sales in the US, Japan and Europe, and the successful launch of Co-Diovan 160/12.5 in Germany and 160/25 in France. Diovan has now become the world's leading ARB and, with its excellent efficacy and increasing cardio-protective profile, the brand is positioned for continued strong growth.
Lotrel (US: +33%), the leading combination treatment for hypertension, extended its share of new and total prescriptions. The brand steadily gained segment share as a result of: new guidelines recommending more aggressive treatment, a new marketing campaign focused on patients who are not controlled by ACE inhibitors and calcium channel blockers, and the successful launch of the Lotrel 10/20 dosage form, which adds efficacy and dosing flexibility.
Lescol (+31%; +20% in l.c.; US: +16%; cholesterol reduction) continued to leverage sales through its proven benefits in high-risk patients. In May, the FDA approved Lescol for secondary prevention of coronary events in patients with coronary heart disease, based on the results of the 'LIPS' trial. Findings of the 'ALERT' study were presented at the American Transplantation Congress in June, further emphasizing the product's efficacy in renal transplant patients.
Lamisil (+19%; +11% in l.c.; US: +17%; fungal infections): A new direct-to-consumer (DTC) and professional campaign launched in April has driven strong gains in the share of new and total prescriptions.
Elidel (eczema), launched just over a year ago, extended its leadership as the number-one branded prescription treatment for eczema in the US. First-half global sales reached USD 106 million. Elidel recently gained approval in Switzerland and has now been introduced in more than 20 markets worldwide.
Zelnorm/Zelmac (irritable bowel syndrome with constipation), now launched in 30 countries, generated first-half revenues of USD 58 million (US: USD 45 million) and made steady progress in the US, with over 80% of targeted specialists now prescribing the brand. Results from an educational disease awareness campaign were promising and plans for a national DTC roll-out are underway. Zelnorm attracted strong interest at the Digestive Disease Week (DDW) meeting, where key data were presented in over 20 scientific sessions.
Oncology
With first-half sales growing 38% in USD (+27% in l.c.), Novartis Oncology continued to expand its segment share.
Gleevec/Glivec (+102%; +83% in l.c.; US: +43%), for chronic myeloid leukemia (CML) and gastro-intestinal stromal tumors (GIST), became Novartis' second biggest product and benefited from recent approvals in the EU and US for first-line treatment in CML and for gastrointestinal stromal tumors. Further progress was made on securing reimbursement, including the new first-line indication. As sales continued to exceed expectations, the number of patients on the Gleevec/Glivec Patient Assistance Program rose to 4300, providing many needy patients access to treatment at reduced or no cost.
Zometa (+124%; +112% in l.c.; US: +85%), the most prescribed intravenous bisphosphonate for bone metastases, continued to post dynamic growth, with sales reaching USD 412 million. The combined Zometa/Aredia franchise grew 25%, thanks to the superior benefits of Zometa, which is successfully replacing Aredia.
Sandostatin (acromegaly and carcinoid syndrome) sales gained momentum in the second quarter and rose 13% (+6% in l.c.; US: +11%) to USD 338 million in the first half, boosted by the continued growth of Sandostatin LAR (+21%; +11% in l.c.; US: +18%).
Femara (first-line therapy for advanced breast cancer in postmenopausal women) achieved a 29% rise (+16% in l.c.; US: +8%) in first-half sales to USD 108 million. Sales growth will continue to moderate until adjuvant data become available.
Ophthalmics
Ophthalmics posted a 14% rise (3% in l.c.) in first-half sales, driven by Visudyne, which offset slower sales of other Ophthalmics brands that were affected by adjustments of US wholesaler inventories and a weak allergy season.
Visudyne (+22%; +14% in l.c.; US: +2%; treatment in macular degeneration) continued to post strong growth, benefiting from good market penetration and strong sales in the LatAm and Asia Pacific regions, as well as continued growth in Europe.
In June, Novartis obtained an exclusive license from Genentech to develop and commercialize LucentisTM outside North America. Lucentis is an anti-VEGF antibody fragment currently in Phase III clinical trials for the treatment of wet age-related macular degeneration.
Transplantation
The Business Unit's sales decreased 8% (-16% in l.c.) as the Neoral franchise continued to defend its position against generic and branded competitor products.
Neoral/Sandimmun (-7%; immunosuppression) sales were reduced in both quarters due to US wholesaler stocking in 2002, increased generic competition, and the use of lower Neoral dosing regimens. In the EU, compulsory price-cuts in Germany and Italy affected sales, whilst the impact of generics has been limited and confined to Germany and Austria. Momentum was sustained in Japan despite reduced reimbursement.
Myfortic, the new enteric-coated formulation of mycophenolate sodium used to prevent organ rejection, has now gained approvals for use in kidney transplantation in 19 countries including Australia, Brazil, and Switzerland, where the product has been well received since its launch in April.
Mature Products
The Mature Products Business Unit (-6%; -13% in l.c.) successfully managed to moderate the decline of patent-expired products. Voltaren (anti-inflammatory) declined by a relatively low 3% (-9% l.c.) and the Cibacen/Lotensin range (hypertension) also by 3% (-7% in l.c.), in line with expectations. In July, the FDA granted exclusivity for Cibacen/Lotensin in pediatric patients in the US, which will extend the patent protection by six months to February 2004.
Regulatory and clinical highlights
Approvals
Novartis received several important new drug approvals in the second quarter, which will bring new treatments to patients suffering from diseases such as severe asthma and Parkinson's disease.
Gleevec/Glivec was approved in the US in May for treating chronic myeloid leukemia in children.
Lescol and Lescol XL received approval for prevention of coronary events in several European markets during the first six months and in the US in May.
Stalevo4, the entacapone-levodopa-carbidopa combination treatment for Parkinson's disease, gained FDA approval in June and received a positive opinion from the CPMP in Europe.
Xolair5, the first humanized therapeutic antibody for asthma, also obtained FDA approval in June. Studies required for European registration are in progress and Novartis expects to re-file in the EU in the first half of 2004.
Clinical update
Primary Care
Lescol: the ALERT study presented at the American Transplant Congress showed a significant reduction with Lescol in the combined incidence of cardiac death or non-fatal myocardial infarction in renal transplant patients.
Exelon: New findings from an analysis of 1500 patients with Alzheimer's disease suggest that Exelon significantly reduces decline in the performance of activities of daily living. The new data were presented at the 55th annual meeting of the American Academy of Neurology in April.
Elidel: Results of a large study of patients aged 3-23 months with mild to very severe atopic dermatitis (eczema) reported relief of symptoms, such as itching and disturbed sleep, in the infants and improved quality of life for their parents as soon as 48 hours after the first application.
Prexige: Data from key clinical Phase III studies presented for the first time at the European League Against Rheumatism annual congress in Lisbon, demonstrate that Prexige provides effective relief of the symptoms of osteoarthritis.
Zelnorm/Zelmac: New data were presented at DDW in Orlando demonstrating that Zelnorm/Zelmac is effective, safe and well tolerated in the treatment of Irritable Bowel Syndrome. Other new data from a large US trial of more than 1300 patients indicated that the product was significantly more effective than placebo in providing rapid and sustained relief from chronic constipation.
Oncology
Femara: Survival data published in June in the Journal of Clinical Oncology demonstrated superior time to disease progression, objective tumor response rate and an early survival advantage (1 and 2 years) versus tamoxifen.
Gleevec/Glivec: New insights into the potential of Glivec in treating various cancers were the focus of more than 70 abstracts presented at ASCO. A health economics model of CML estimated that patients on Glivec would survive 5 years longer than patients on interferon-alpha therapy.
PTK787 / ZK 22584 6 (oncology), potentially the first oral VEGF inhibitor with a unique mechanism of action, advanced to Phase III clinical trials in the first quarter. Data presented at ASCO validated the rationale for the compound's development in colorectal cancer.
Zometa: Data presented at ASCO and the American Urological Association reported long-term efficacy and safety in preventing bone complications in a broad range of solid tumor settings.
Consumer Health Division
Sandoz
Sales
The generics business, now re-branded as Sandoz, continued to report dynamic sales expansion throughout, with first-half sales leaping 87% (71% in l.c.) to USD 1463 million, fuelled by the strong performance of the US pharmaceuticals business and the consolidation of Lek in January. The latter delivered an exceptional performance, which contributed 45 percentage points to the increase in first-half sales. Second-quarter revenues reflected the early end to the flu season and a seasonal reduction in demand for anti-infectives.
The pharmaceuticals business franchise (+113%; 99% in l.c.) doubled sales, thanks principally to the success of the US launches of the anti-infective AmoxC (a generic version of Augmentin®7 and the allergy treatment loratadine (a generic version of Claritin®) as well as the integration of Lek. With the exception of Germany, sales also grew dynamically in Europe, especially in France, the UK, Netherlands, Spain, Italy and the Nordic region.
In the industrial products franchise, production operated at full capacity due to continued strong demand for cephalosporins and other antibiotics.
In Biopharmaceuticals, Omnitrop (human growth hormone) received a positive opinion from the European Committee for Proprietary Medicinal Products and is currently under review for marketing authorization, which is expected later this year.
A settlement was recently achieved with GlaxoSmithKline concerning US lawsuits related to GSK's claimed Augmentin trade secrets. Under the agreement, Novartis will pay single-digit percentage royalties on US sales of generic versions of Augmentin sold by its affiliate companies for the four-year period from July 2002 through June 2006.
Operating income
Driven by strong top-line growth, operating income soared 127%, growing faster than sales, thanks to productivity gains and a favorable product mix. Investments in Marketing & Sales rose as a result of the increase in the pharmaceuticals franchise, which involves higher marketing costs than the industrial business. Research & Development rose as a proportion of sales, owing to an increase in the number of development projects and the acquisition of Lek. The first-half operating margin increased to 17.6% from 14.4% in the comparative period of last year
OTC
Sales
OTC (over-the-counter medicines) sales grew 17% (6% in l.c.) to USD 830 million. The six-month exclusivity of private-label loratadine (an OTC generic version of Claritin®) in the US contributed significant impetus to growth, and largely compensated for the low demand for cough and cold remedies. Among OTC's five global brands Nicotinell/Habitrol (smoking cessation) sales grew dynamically in Europe, while sales of the topical antifungal Lamisil further accelerated in Europe and Latin America in the second quarter. Voltaren (anti-inflammatory) sales also benefited from a strong second quarter in Europe.
Operating income
Operating income rose 74% to USD 134 million, driven by volume growth and the exceptional contribution of loratadine. The focus on higher margin products and productivity gains favorably influenced the cost of goods sold. Research & Development investments were increased in line with sales to support new multi-year clinical trials, while a reduction in General & Administration costs as a percentage of sales was achieved through successful restructuring and cost containment. As a result, the operating margin increased 5.3 percentage points from the previous first-half level to 16.1%.
Animal Health
Sales
Animal Health sales climbed 8% (+2% in l.c.) to USD 339 million. Sales accelerated in the second quarter following a soft start in the early part of the year, which was characterized by economic uncertainty and unusual weather conditions in key regions. New products rolled out since the beginning of the year provided added momentum, contributing five percent of total sales.
The companion animal franchise grew strongly, driven by new products which rapidly gained segment share - notably Atopica (atopic dermatitis in dogs), Deramaxx (osteoarthritis in dogs) and Milbemax (intestinal worm control in dogs and cats) complemented again by increasing sales of Fortekor (heart/kidney disease).
Sales in the farm animal franchise were led by a strong performance of the cattle and sheep segment, particularly in the LatAm and Asia regions. This partly offset the continued impact of the drought on the Australian livestock industry and unfavorable market conditions in the European and US pig farming segment. Agita, a novel farm fly control product was rolled out, strengthening Novartis' segment leadership.
Operating income
Operating income decreased 26% to USD 40 million, leading to an operating margin of 11.8%. The first half of 2003 was characterized by a step-up of investments in Research & Development, to support essential development project studies, and in Marketing & Sales to power recently launched brands.
Medical Nutrition
Sales
Medical Nutrition (including Nutrition & Santé) sales climbed 14% (+1% in l.c.) to USD 401 million, led by strong growth in Europe and a marked improvement in the US. The performance was driven by the Medical Food franchise (Resource), invigorated by its strategic marketing focus on the home-care channel, and the Enteral Nutrition (Isosource and Novasource) business.
Continuing its strategy of focusing on disease specific segments, Medical Nutrition launched a new oncology platform in the second quarter, with the introduction in the US of Resource Support, a nutrition supplement designed to prevent weight-loss in cancer patients. This strategic initiative together with the acquisition - in June - of Semper Clinical Nutrition, a leader in the nursing-home, home-care and pharmacy channels in the Nordic region, will contribute to future sales growth.
Operating income
First-half operating income rose 125% to USD 36 million. The increase was achieved by reductions in the cost of goods sold thanks to productivity gains, lower raw material costs, and product-mix improvements resulting from the focus on disease specific segments. These improvements were only partially offset by higher rebates in the US. Overall, the operating margin jumped to 9.0% from 4.5% in the previous first half.
Infant & Baby
Sales
Infant & Baby sales gathered momentum in the second quarter to post first-half sales of USD 664 million, 1% off the previous first half level in USD but up 2% in local currencies.
Gerber continued to perform well in the US nutrition franchise, both in terms of sales and market share, driven by product innovations such as Lil' Entrees microwavable convenience meals for babies and toddlers. In addition, the successful changeover from glass to convenient plastic packaging for 20% of the jarred products was completed in the second quarter. The Baby Care franchise contended with strong competition in the LatAm region, but this was mostly offset by good sales development in the US, driven by new product launches.
Operating income
Operating income dipped 2% to USD 118 million, owing to exceptional costs in the US for the conversion to plastic packaging of key jarred products. As a result, the first-half operating margin was 17.8%, 0.2 points off the previous first-half level.
CIBA Vision
Sales
CIBA Vision sales increased 14% (5% in l.c.) to USD 627 million, benefiting from the continued strong performance of the innovative disposable and continuous-wear lens business and growing sales in the lens-care and surgical franchises.
Focus DAILIES (daily disposables) and NIGHT & DAY (continuous wear up to 30 nights) contact lenses continued to perform dynamically, particularly in Europe and North America, where double-digit sales growth was achieved. FreshLook colored lenses retained category leadership, thanks to continuous product improvement and line extensions, including FreshLook Dimensions, a new color contact lens.
The lens care franchise reported a pick-up in sales driven by growth in North America and the continuing success of FreshLook Care in Japan.
The ophthalmic surgical business grew steadily ahead of the market, supported by increased sales from a number of recently launched new products.
Operating income
Operating income rose 44% to USD 89 million. Continued investment in product quality led to a small decrease in gross margin but functional costs grew proportionately less than sales. In addition, legal provisions booked in prior years were reversed into income as a result of the favorable resolution of litigation cases. As a result, the operating margin improved to 14.2% from 11.3% in the previous first half.
Corporate
Corporate income/expense, net
USD 38 million were generated in net corporate income, USD 58 million less than in the first half of 2002 owing to: increased investments of USD 22 million in corporate research & development, the negative currency translation effects on non-US dollar costs, and lower pension income.
Result from associated companies
Novartis' stake in Chiron Corporation generated an income of USD 60 million, whereas the stake in Roche Holding AG yielded a first-half pre-tax loss of USD 310 million, USD 269 million of which was due to Novartis' share in the associated company's unexpected loss of CHF 4.0 billion in 2002, booked only in 2003. The remainder represents an estimate for the first half of the current year. In total, associated companies resulted in an overall expense of USD 237 million.
Strong balance sheet
In July 2002, Novartis started a third program to repurchase shares for up to a total of CHF 4.0 billion (approximately USD 2.6 billion) via a second trading line on the SWX Swiss Exchange. In this program, 13 million shares were repurchased in the first half of 2003 for an approximate total of USD 0.5 billion. Apart from this, 10 million treasury shares were sold for USD 0.4 billion. As of June 2003 the Group held approximately 329 million shares in treasury.
Following changes in US GAAP and expected changes in IAS accounting rules, Novartis decided in June to redeem, in advance, equity instruments (put and call options on Novartis shares) that were sold to Deutsche Bank in 2001. This resulted in an equity reduction of USD 3.5 billion.
Overall, the Group's equity was reduced from USD 28.3 billion at 31 December 2002 to USD 26.4 billion at 30 June 2003. The Group's first-half net income of USD 2.4 billion and translation gains of USD 0.9 billion partly offset payments for dividends (USD 1.7 billion), repurchased shares (USD 0.1 billion) and equity instrument repayments (USD 3.5 billion). In the same period, total financial debts rose USD 1.4 billion, principally on account of the equity instrument repayments. As a result, the debt/equity ratio rose from 0.20:1 on 31 December 2002 to 0.26:1 on 30 June 2003.
Novartis thus maintained the strength of its balance sheet at 30 June 2003 and continues to be rated AAA by Standard & Poor's and Moody's.
Cash flow
The strong business expansion and good working capital management boosted cash flow from operating activities, which increased 52% to USD 2.9 billion.
Cash outflow for investing activities was USD 38 million. Capital expenditure increased USD 155 million to USD 515 million, while USD 362 million was spent on the acquisition of subsidiaries, principally the 51% stake in Idenix, and intangible and financial assets. This was offset by a significant inflow of USD 839 million from the sale of marketable securities.
Free cash flow was USD 657 million, significantly up from the prior year level of USD 258 million. The USD 994 million increase in cash flow from operations more than offset the dividend increase of USD 357 million and additional fixed asset investments of USD 155 million.
Overall, liquidity (cash, cash equivalents and marketable securities including financial derivative assets) amounted to USD 11.1 billion at 30 June 2003. After deducting financial debt and derivative liabilities, net liquidity stood at USD 4.2 billion, USD 2.8 billion lower than at 31 December 2002, principally as a result of the redemption of the equity instruments.
Disclaimer
This release contains certain "forward-looking statements", relating to the Group's business, which can be identified by the use of forward-looking terminology such as "would have", "forecast", "Outlook", "projected", "will" or similar expressions, or express or implied discussions regarding potential future sales of existing products, potential new products or potential new indications for existing products, or by other discussions of strategy, plans or intentions. Such statements reflect the current views of the Group with respect to future events and are subject to certain risks, uncertainties and assumptions. There can be no guarantee that existing products will reach any particular sales levels, or that any new products will be approved for sale in any market, or that any new indications will be approved for existing products in any market. In particular, management's expectations could be affected by, among other things, new clinical data; unexpected clinical trial results; unexpected regulatory actions or delays or government regulation generally; the company's ability to obtain or maintain patent or other proprietary intellectual property protection; competition in general; government pricing pressures and other risks and factors referred to in the Company's current Form 20-F on file with the US Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected.
Novartis AG (NYSE: NVS) is a world leader in pharmaceuticals and consumer health. In 2002, the Group's businesses achieved sales of USD 20.9 billion and a net income of USD 4.7 billion. The Group invested approximately USD 2.8 billion in R&D. Headquartered in Basel, Switzerland, Novartis Group companies employ about 78 200 people and operate in over 140 countries around the world. For further information please consult http://www.novartis.com.
Further Reporting Dates in 2003
20 October 2003 Nine-month and third-quarter results
19 November 2003 R&D day
Contacts
Media: Investors:
+ 41 61 324 2200 (Mark Hill) + 41 61 324 8433 (Karen Huebscher)
US: + 1 212 830 2457 (Sheldon Jones ) US: + 1 212 830 2433 (Kamran Tavangar)
1 Based on IMS data January - May 2002/3, the global healthcare market grew approximately 7% compared with Novartis' 15%.
2 Based on IMS data
3LucentisTM is a registered trademark of Genentech, Inc.
4Licensed from Orion Corporation.
5In development under an agreement between Novartis Pharma AG, Genentech, Inc. and Tanox, Inc.
6Under development in collaboration with Schering AG
7Augmentin® and Claritin® are registered trademarks of GlaxoSmithKline and Schering Plough, respectively)
