Healthcare Industry News: Noven Pharmaceuticals
News Release - January 24, 2006
Noven Provides Update on Vivelle-Dot(TM) Estrogen PatchMIAMI--(HSMN NewsFeed)--Jan. 24, 2006--Noven Pharmaceuticals, Inc. (NASDAQ:NOVN ) today provided an update on prescription growth and other matters related to its lead commercialized product, Vivelle-Dot(TM) (estradiol transdermal system), which is marketed and sold by Novogyne Pharmaceuticals, a joint venture between Noven and Novartis Pharmaceuticals Corporation.
Total prescriptions for Vivelle-Dot(TM) in 2005 increased 11% compared to 2004. During the same period, the estrogen segment of the U.S. hormone therapy (HT) market decreased 9%. At the end of 2005, Vivelle-Dot(TM) held a 44.6% share of the transdermal estrogen therapy market, up from 40.2% at the end of 2004, and was the most dispensed transdermal estrogen product in the U.S. for the third consecutive year.
Aggregate total prescriptions for the three HT products offered by Novogyne (Vivelle-Dot(TM), original Vivelle® and CombiPatch®) increased 4% in 2005 compared to 2004, while the overall U.S. HT market declined 9% for the same period.
Noven also announced that, based on a review of preliminary financial results for 2005, Novogyne's 2005 annual net sales of Vivelle-Dot(TM) are expected to exceed $100 million for the first time.
Noven confirmed that, effective January 1, 2006, the Novogyne sales force, formerly a third-party contract sales force, became direct employees of Noven, with Novogyne continuing to bear the associated expenses. "The conversion of the sales force from contract to employee status reflects our commitment to the hormone therapy category, and our confidence in a sales team that has taken Vivelle-Dot(TM) to market leadership," said Robert C. Strauss, President, CEO & Chairman of Noven, and President of Novogyne. With the addition of the Novogyne sales force, Noven currently has approximately 500 employees.
Prescription and market share information appearing in this release is based on third party data for the relevant products and periods.
Noven Pharmaceuticals, Inc., headquartered in Miami, Florida, is a leading developer of advanced transdermal drug delivery technologies and prescription transdermal products. Noven's prescription patches are sold in over 30 countries, and a range of new products are being developed in collaboration with Shire plc, Novartis Pharma AG, P&G Pharmaceuticals, Endo Pharmaceuticals Inc. and others. See http://www.noven.com for additional information.
Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve substantial risks and uncertainties. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the current expectations of Noven and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond Noven's control. These risks and uncertainties include: risks associated with the use of preliminary financial information, including the possibility that final net sales information for Vivelle-Dot(TM) could differ from the preliminary information noted in this press release; risks related to Noven's dependence on Novartis to perform all of Novogyne's financial, accounting, inventory, distribution, revenues and sales deductions functions; risks and uncertainties relating to the integration of Novogyne's contract sales force into Noven's employee force, including the risk that such integration may be unsuccessful or prove more costly than expected; and the risk that the past performance of Vivelle-Dot(TM), Novogyne or Noven may not be indicative of future performance due to a number of risks and uncertainties, including those set forth in Noven's Form 10-K for the year ended December 31, 2004 as well as other reports filed from time to time with the Securities and Exchange Commission.
Source: Noven Pharmaceuticals
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