Novartis Pharmaceuticals Corporation to Appeal Judgment in Alabama Pr... ( Jury verdict in Montgomery County ...)

Novartis Pharmaceuticals Corporation to Appeal Judgment in Alabama Pricing Case

Date:7/1/2008

Jury verdict in Montgomery County Circuit Court awards $33 million in

compensatory damages Jury decides in favor of Novartis and rejects claims for punitive damages NPC maintains it reported true and accurate prices and will file appeal

EAST HANOVER, N.J., July 1 /PRNewswire/ -- Novartis Pharmaceuticals Corporation (NPC) today announced it will appeal a verdict in the Montgomery County Circuit Court. Novartis disputes the State of Alabama's claims that the prices provided by NPC to reporting services resulted in overpayment to pharmacists and doctors in the Alabama State Medicaid system.

NPC was among 73 pharmaceutical manufacturers named in a lawsuit filed in 2005 by the Alabama Attorney General, claiming that the average wholesale price (AWP) and wholesale acquisition cost (WAC) provided by pharmaceutical companies to price reporting services resulted in overpayment to pharmacists and doctors in the State Medicaid system. The jury rejected the State's claims for punitive damages but decided against NPC on the State's claims for compensatory damages, awarding $33 million.

NPC believes Alabama's claims were unfounded because it reported true and accurate prices, based on terms that have been known and used by all participants in pharmaceuticals markets, including Alabama Medicaid, for more than 30 years.

Disclaimer

The foregoing release contains forward-looking statements that can be identified by terminology such as "to Appeal," "will," "believes," or similar expressions, or by express or implied discussions regarding the potential outcome of the forthcoming appeal in the litigation which is the subject of this press release, or of the potential outcome of any other pricing litigation. Such forward-looking statements reflect the current views of the Company regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materia
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SOURCE Novartis Pharmaceuticals Corporation
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Novartis Pharmaceuticals Corporation to Appeal Judgment in Alabama Pr...( Jury verdict in Montgomery County ...),Health