Lipitor's patent life may be cut
Washington: Pfizer Inc. received a legal setback on Wednesday when a US federal appeals court came out with a ruling that may reduce the patent life of Pfizer's largest selling anti cholesterol drug Lipitor by off 15 months.

The U.S. Court of Appeals for the Federal Circuit invalidated one of two patents at issue in a legal fight with Ranbaxy Laboratories moving up Lipitor's June 2011 patent expiration. The court ruling means that generic versions of Lipitor can enter the US market in March 2010, about 15 months earlier' than the lower court's decision would have allowed.

Pfizer said in a statement that the court had invalidated the patent at issue because of a 'technical defect.' It said it would seek to correct the defect at the U.S. Patent and Trademark Office. Lipitor, with annual sales of more than $12 billion, is the world's biggest- selling drug but is likely to lose more than 80 percent of the market if cheaper generic drugs become available.

In Wednesday's ruling, the appeals court agreed with the lower court in upholding Pfizer's basic patent on Lipitor, which runs until March 2010 but reversed the U.S. District Court for the District of Delaware and invalidated another patent on a calcium salt form of the active ingredient of Lipitor which would have protected Lipitor from generic competitors until June 2011.
Back to News Review index page  

SingTel profits higher than forecast
Singapore: Singapore Telecommunications, the largest telecom in Southeast Asia beat market expectations with a 10 percent rise in quarterly profit, on the back of strong Asian mobile growth which made up for a margin squeeze at its Australian operations. Singtel declared a net profit of S$837 million for the fiscal first quarter to June 30, up form a restated S$759 million a year ago. This was above an average underlying net profit forecast of about S$787 million by analysts. The estimates ranged from S$783 million to S$790 million.

SingTel, Singapore's largest listed company, said there were no significant changes to its guidance for the full year to March 2007. In May, it forecast flat operating revenue and earnings before interest, tax, depreciation and amortisation.

Analysts said the results were a bit higher than expectations. Mobile phone penetration rate in Singpore has reached 100 percent, and SingTel has spent S$17 billion ($10.8 billion) in recent years in buying firms in fast growing Asian nations and in Australia. 75 percent of the company's revenues and two-thirds of pre-tax earnings come from operations out of Singapore.
Back to News Review index page  

US crude at $76
Tokyo: U.S. crude oil futures rose 14 cents to $75.95 a barrel adding to a 3.5 percent gain over the previous three days on fears Tropical Storm Chris could harm oil facilities in the Gulf of Mexico.
Back to News Review index page