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Executive Summary

Worldwide sales of Naprosyn and Anaprox approached $600 mil. in fiscal 1987, Syntex reported for the 12 months ended July 31. Combined sales of the two nonsteroidal anti-inflammatory drugs were up 17% for the 12 months to $594 mil. and helped pace a 15% jump in corporate volume, from $980 mil. to $1.1 bil. Income from continuing operations in FY 1987 rose 20% to $249 mil. While the U.S. remains the dominant market for naproxen and naproxen sodium, the largest percentage increase occurred outside the U.S., where sales were up 22% to $184 mil. Domestic volume of $410 mil. reflected a 15% increase over fiscal 1986 levels. "Naprosyn remained the largest-selling prescription drug for arthritis and the third largest-selling prescription drug of any type in the U.S. in fiscal 1987," Syntex commented. Pharmaceutical sales, heavily dominated by Naprosyn and Anaprox, increased 15% to $926 mil., with about two-thirds, or $613 mil., occurring in the U.S. "Increased sales were primarily due to increased unit volume and selected price increases," the company explained. "The favorable impact of changes in currency exchange rates contributed approximately $24 mil. to sales outside the U.S.; however, this benefit was substantially offset by the negative impact of a weaker U.S. dollar on costs and expenses in certain countries outside the U.S." For the fourth quarter ended July 31, Syntex reported a 12% increase in pharmaceutical sales to $237 mil. Naprosyn and Anaprox sales rose 14% to $149 mil., as domestic sales hit nearly $100 mil. Corporate volume was up 12% for the three months to $289 mil., with the U.S. making up about $185 mil. The company's bottom line soared 90% to $55 mil., reflecting a fourth quarter 1986 loss on the discontinuation of the ophthalmics and dental businesses. Chart omitted.

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