Astellas looks to Vesicare as growth saviour
This article was originally published in Scrip
Amid continued generic onslaught for its top product Prograf (tacrolimus) last fiscal year, Astellas is focusing on its main growth opportunities, particularly the overactive bladder therapy Vesicare (solifenacin).
Worldwide sales of the muscarinic M3 antagonist rose by 12% to ¥97.2 billion ($1.21 billion) in the 12 months to 31 March, helped by solid 18% growth in the US to $492 million. While there was some "softening of the decreasing trend" for Prograf, global sales of the immunosuppressant were nevertheless down by 5% to ¥154.8 billion, including a 23% slide to $370 million in the Americas. Generics had garnered a 64% share of total prescriptions in the US in late April, the Japanese company noted.
In common with many of its peers, it is also stressing a push into emerging markets to help overcome these challenges, and at a combined ¥57.0 billion (+14% excluding currency impact) such markets accounted for 6% of Astellas' consolidated total sales last year. These edged up by 2% to ¥969.4 billion while overall operating profit came in at ¥131.5 billion (+10%), helped by lower R&D spending. The net figure was 16% higher at ¥78.2 billion, boosted by gains from a land sale in Japan.
For this fiscal year, president and CEO Yoshihiko Hatanaka told a results briefing that the firm is forecasting strong net profit growth to ¥98.0 billion (+25%), helped by accounting changes, on virtually static sales of ¥972.0 billion. Although there will be a hit of ¥30.0 billion to the top line from this April's general Japanese price reduction, Vesicare is again expected to log double-digit growth, of 11% to ¥107.8 billion globally.
In the pipeline, the androgen antagonist MDV3100 (licensed from Medivation) has entered Phase I in the US for breast cancer, adding to its current indication of prostate cancer for which approval filings in the US and EU are planned for this year.
The oral IGF-1R/IR inhibitor linsitinib has been discontinued at the Phase III stage in the US for adrenocortical carcinoma due to disappointing efficacy results, but remains in Phase II in this market for ovarian and non-small cell lung cancer.