Bristol-Myers Squibb, the maker of the most prescribed diabetes pill, is developing three new drugs to target the world's fastest growing disease, each of which carry a $1 billion-a-year sales potential.
The company is teaming with Pfizer and AZ to create two novel medicines that may change how diabetes is treated. A third candidate, now in final testing, is in the same family as Merck & Co.'s Januvia, a drug approved in October that analysts say may bring in $2.5 billion a year.
The first of the new pills could go on sale in two years and by 2011 may generate revenue of $1 billion, adding about 20 cents a share to profit, analysts said. Each holds the promise of surpassing the $2.7 billion in peak revenue from Glucophage, the Bristol-Myers drug available in cheaper generic forms since 2002.
Success could boost shares in a company that only six analysts now rate a buy, among 23 surveyed by Bloomberg.
Insider's view: this from the company that, nearly, brought you....... Pargluva!
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