Pfizer to settle Lipitor case with Canada's Apotex
11 Aug 2008
Mumbai: Pfizer Inc, the world's largest pharmaceutical company, has agreed to settle litigation related to its cholesterol-lowering drug Lipitor with Canadian generic drug maker Apotex Inc.
''In July 2008, we entered into an agreement with Apotex to settle that litigation, subject to certain conditions," Pfizer said in its quarterly filing with the US Securities and Exchange Commission.
Pfizer has been involved in patent litigation with Apotex, as in the case of Ranbaxy Laboratories, to block the launch of a generic version of the world's largest selling drug prior to the expiration of a patent that runs through July 2010.
In June, Pfizer settled most of its patent disputes with Ranbaxy Laboratories, allowing the Indian company to launch a generic version of Lipitor from 30 November 2011.
Despite generic drugs and health concerns encroaching on sales in the second quarter, Pfizer showed a robust bottom line.
Pfizer said its second-quarter earnings more than doubled from the similar period last year, to $2.8 billion, from $1.3 billion.
Sales also beat expectations of $11.5 billion, rising 9.0 per cent to $12.1 billion. However, foreign-currency gains accounted for the bulk of increase in sales, which would have otherwise risen by 2.0 per cent. Sales were hurt by warnings of other adverse side effects on its anti-smoking drug, Chantix, and lost patent protections on Zyrtec, an allergy medication, and Camptosar, a cancer treatment. During the quarter, Zyrtec sales fell by $377.0 million and Camptosar sales lost $104.0 million from the prior year.
However, the company saw its Liptor sales on target at $3.0 billion despite generic threats.
