Prescriptions For Abbott's Niaspan Off After Negative Study

By Peter Loftus, Of DOW JONES NEWSWIRES

U.S. prescription volume for Abbott Laboratories' (ABT) cholesterol drug Niaspan has declined since results of a government-funded study raised questions about its effectiveness.

The drop in doctors' orders could signal the end of several years of steady sales growth for one of Abbott's best-selling drugs. Sales totaled $927 million last year, and analysts previously predicted they would top $1 billion this year. But that target may be in doubt, and Wells Fargo analyst Larry Biegelsen predicted a 20% decline next year.

Total prescriptions written for Niaspan averaged about 100,000 per week over the three full weeks following the May 26 disclosure that the Niaspan study was halted, down about 3% from the pace of the preceding three weeks and down 7% versus the year-earlier period, according to data provided by research firm SDI.

Abbott spokeswoman Elizabeth Hoff said that, while the company expects the government study to have some impact on Niaspan sales, it is premature to draw any conclusions based on a few weeks' worth of prescription data.

Last month, the National Heart, Lung, and Blood Institute stopped a clinical trial 18 months earlier than planned because results showed that adding Niaspan to statin treatment didn't reduce the risk of heart attacks and strokes versus statin alone. Statins are widely used drugs proven to reduce cardiovascular risk, and include Pfizer Inc.'s (PFE) Lipitor.

The study also found a small and unexplained increase in ischemic-stroke rates among Niaspan users in the study, though it remains unclear if the imbalance arose by chance or was related to the drug.

The setback called into question one of the main selling points behind Niaspan--that it can raise levels of good cholesterol and thus provide an added benefit beyond the use of the statins that primarily lower bad cholesterol. Niaspan is an extended-release, prescription-strength formulation of niacin, a B-complex vitamin.

via nasdaq.com

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