Figures show that the launch of a generic competitor to Plavix in the US dealt a serious blow to Bristol-Myers Squibb in the third quarter, reducing sales by as much as $600 million.
The news confirms investors' fears for the company's fortunes after Apotex out-manoeuvred BMS and its marketing partner Sanofi-Aventis over the summer, when a court decision allowed the generics company to flood the market with a copycat version of Plavix (clopidogrel bisulfate).
The company says total US demand for clopidogrel bisulfate (branded and generic) increased by 14% in the third quarter compared to the same period in 2005, but demand for its branded product fell 32% in the same period.
The company says it expects that large stocks of generic clopidogrel already with wholesalers will continue to satisfy a significant majority of prescription demand for the rest of 2006.
BMS says supplies of the generic drug will tail off in early 2007, but adds it cannot be sure just how much stock is remaining in wholesalers' reserves.
Chief executive Peter Dolan was fired over the mishandling of the affair and related allegations of illegal anti-competitive dealings with Apotex.
Pharmafocus
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