Navigation Links
Watson Pharmaceuticals Reports Third Quarter 2008 Results
Date:10/29/2008

Total Net Revenue of $641 Million; GAAP EPS $0.62; Adjusted EPS $0.47

CORONA, Calif., Oct. 29 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI), a leading specialty pharmaceutical company, today reported financial results for its third quarter ended September 30, 2008.

Third Quarter 2008 Results

Net revenue for the third quarter 2008 increased $46.0 million or 8 percent from the third quarter 2007 to $640.7 million, and net income was $71.1 million, or $0.62 per diluted share. Excluding special items as detailed in the reconciliation table below, adjusted net income for the third quarter was $53.9 million, or $0.47 per diluted share. Adjusted EBITDA for the third quarter 2008 was $137.2 million and cash flow from operations was $74.0 million. Cash and marketable securities were $352.0 million as of September 30, 2008.

"This has been a positive quarter for Watson, and one that continues to demonstrate the strength and financial health of the Company," began Paul Bisaro, Watson's President and Chief Executive Officer. "Importantly, our performance strength was spread across all of our divisions. The launch of omeprazole 40mg contributed to solid results in our Generics division and two new product launches contributed to a strong performance in our Anda distribution division."

"By far, the biggest news we had this quarter was the approval of RAPAFLO(TM) (silodosin), our new alpha blocker for BPH," continued Mr. Bisaro. "RAPAFLO is the first of three new brand products we expect to introduce in 2009 and will help strengthen the foundation for our future growth in the Urology specialty area. We are committed to achieving strong performances in all of our businesses and remain very optimistic in both our near and long term outlook," concluded Mr. Bisaro.

First Nine Months 2008 Results

For the nine months ended September 30, 2008, net revenue was $1,890.3 million, as compared to $1,869.3 million for the first nine months of 2007. Net income for the first nine months of 2008 was $182.0 million, or $1.60 per diluted share, as compared to net income of $102.6 million, or $0.93 per diluted share, for the same period of 2007. On an adjusted basis, as detailed in the attached reconciliation table, net income for the first nine months of 2008 was $170.6 million, or $1.50 per diluted share, as compared to adjusted net income of $112.4 million, or $1.01 per diluted share, for the same period of 2007.

Third Quarter 2008 Business Segment Results

Generic Segment Information

Three Months Ended Nine Months Ended

September 30, September 30,

(Unaudited; $ in thousands) 2008 2007 2008 2007

Generic Segment Contribution

Product sales $352,190 $326,231 $1,038,938 $1,065,152

Other revenue 11,593 31,489 68,249 62,834

Net revenue 363,783 357,720 1,107,187 1,127,986

Cost of sales 212,367 210,931 669,676 693,896

Gross profit 151,416 146,789 437,511 434,090

Gross margin 41.6% 41.0% 39.5% 38.5%

Research and development 31,736 26,555 83,458 77,036

Selling and marketing 13,990 14,018 41,868 41,764

Segment contribution $105,690 $106,216 $312,185 $315,290

Segment margin 29.1% 29.7% 28.2% 28.0%

Generic product sales for the third quarter of 2008 increased $26.0 million to $352.2 million, reflecting the addition of new products which were offset in part by price erosion on the base business.

Generic other revenue decreased $19.9 million to $11.6 million due to a decline in royalties from Sandoz's sales of metoprolol succinate extended-release tablets 50mg.

Generic gross profit was $151.4 million in the third quarter of 2008, compared to $146.8 million in the third quarter of 2007 and $149.1 million in the second quarter 2008. Generic gross profit was positively influenced by the launch of new products, including the launch of omeprazole delayed-release capsules 40mg. Generic gross profit for the third quarter 2008 reflects approximately $4.4 million in costs related to Watson's Global Supply Chain Initiative. Excluding this item, Generic gross profit was $155.9 million, or 43 percent of revenue in the third quarter 2008.

Generic research and development expense increased $5.2 million to $31.7 million, reflecting an acceleration of generic research and development pipeline activities. Watson currently has approximately 60 ANDAs on file with the Food and Drug Administration (FDA).

Brand Segment Information

Three Months Ended Nine Months Ended

September 30, September 30,

(Unaudited; $ in thousands) 2008 2007 2008 2007

Brand Segment Contribution

Product sales $94,298 $93,534 $294,756 $281,096

Other revenue 11,677 13,577 44,511 38,288

Net revenue 105,975 107,111 339,267 319,384

Cost of sales 30,224 22,089 82,167 74,099

Gross profit 75,751 85,022 257,100 245,285

Gross margin 71.5% 79.4% 75.8% 76.8%

Research and development 13,586 9,102 39,095 31,932

Selling and marketing 29,024 26,613 86,593 79,397

Segment contribution $33,141 $49,307 $131,412 $133,956

Segment margin 31.3% 46.0% 38.7% 41.9%

Brand product sales for the third quarter of 2008 increased slightly to $94.3 million, primarily due to increased sales of Trelstar(R). Brand other revenue decreased $1.9 million to $11.7 million, due primarily to decreased revenues from the Company's licensing arrangements.

Gross margin for the Brand segment decreased from 79.4 percent in the third quarter 2007 to 71.5 percent in the third quarter 2008. The decline in Brand gross margin from third quarter 2007 levels reflects an inventory charge taken during the third quarter 2008 related to the Company's INFeD(R) product.

On October 8, 2008, Watson's New Drug Application (NDA) for RAPAFLO was approved by the FDA for the treatment of the signs and symptoms of benign prostatic hyperplasia. The Company anticipates launching RAPAFLO in early 2009. Watson's NDA for oxybutynin topical gel remains under review by FDA for the treatment of overactive bladder and in the fourth quarter 2008, Watson expects to have an NDA on file with the FDA for its six month formulation of Trelstar(R), under development for the treatment of advanced prostate cancer.

Distribution Segment Information

Three Months Ended Nine Months Ended

September 30, September 30,

(Unaudited; $ in thousands) 2008 2007 2008 2007

Distribution Segment Contribution

Net revenue $170,933 $129,875 $443,822 $421,946

Cost of sales 144,064 113,400 374,812 363,583

Gross profit 26,869 16,475 69,010 58,363

Gross margin 15.7% 12.7% 15.5% 13.8%

Selling and marketing 15,558 12,716 43,695 39,246

Segment contribution $11,311 $3,759 $25,315 $19,117

Segment margin 6.6% 2.9% 5.7% 4.5%

Distribution segment net revenue for the third quarter of 2008 increased 32 percent or $41.1 million to $170.9 million. The increase was primarily due to new products launched in the third quarter, including launches of generic versions of Risperdal(R) and Lamictal(R). Distribution revenue excludes sales of Watson products.

Distribution segment gross margin was 15.7 percent in the third quarter of 2008 compared to 12.7 percent in the third quarter 2007 and 15.7 percent in second quarter 2008.

Other Operating Expenses

Consolidated general and administrative expenses for the third quarter 2008 decreased $16.4 million to $42.7 million and reflects a $5.9 million favorable settlement of a tax-related liability due to the resolution of an Internal Revenue Service audit during the quarter.

Amortization expense for the third quarter 2008 declined $24.0 million to $20.2 million, reflecting the full amortization of Ferrlecit(R) product rights as of December 31, 2007.

2008 Financial Outlook

Based on actual results for the first nine months of 2008 and its forecast for the remainder of the year, Watson is adjusting its estimates for the full year 2008. Watson's estimates are based on the Company's actual results for the nine months of 2008, and management's current belief about prescription trends, pricing levels, inventory levels and the anticipated timing of future product launches and events.

Watson estimates total net revenue for the full year of 2008 at approximately $2.5 billion.

Net Revenue Estimates by Segment

For the Twelve Months Ending December 31, 2008

Generic Segment $1.40 - $1.50 Billion

Brand Segment $450 - $470 Million

Distribution Segment $580 - $610 Million

Research and development investment for 2008 is expected to be approximately $160 million. Selling, general and administrative expenses for 2008 are expected to be between $420 and $430 million. Amortization expense for 2008 is expected to be approximately $80 million.

Watson has increased its estimates for GAAP earnings per diluted share to between $2.05 and $2.10 and adjusted earnings per diluted share is now estimated to be between $1.98 and $2.03.

In 2008, the Company expects to incur pre-tax costs associated with the planned closure of its Carmel, NY manufacturing facilities of approximately $30 million which includes accelerated depreciation, severance, retention and other related plant closure costs. These charges and other items are excluded from Watson's 2008 adjusted earnings per diluted share forecast as detailed in Table 6 below.

Excluding special items as detailed in the EBITDA reconciliation Table 7 below, adjusted EBITDA is now estimated to be between $560 and $570 million.

Webcast and Conference Call Details

Watson will host a conference call and webcast today at 8:30 a.m. Eastern Daylight Time to discuss third quarter 2008 results, the outlook for 2008 and recent corporate developments. The dial-in number to access the call is (877) 251-7980, or from international locations, (706) 643-1573. A taped replay of the call will be available by calling (800) 642-1687 with access pass code 68306114. The replay may be accessed from international locations by dialing (706) 645-9291 and using the same pass code. This replay will remain in effect until midnight Eastern Standard Time, November 7, 2008. To access the live webcast, go to Watson's Investor Relations website at http://ir.watson.com.

About Watson Pharmaceuticals, Inc.

Watson Pharmaceuticals, Inc., headquartered in Corona, California, is a leading specialty pharmaceutical company that develops, manufactures, markets, sells and distributes generic and specialty brand pharmaceutical products. Watson pursues a growth strategy combining internal product development, strategic alliances and collaborations and synergistic acquisitions of products and businesses.

For press release and other company information, visit Watson Pharmaceuticals' website at http://www.watson.com.

Forward-Looking Statement

Statements contained in this press release that refer to Watson's estimated or anticipated future results or other non-historical facts are forward-looking statements that reflect Watson's current perspective of existing trends and information as of the date of this release. For instance, any statements in this press release concerning prospects related to Watson's strategic initiatives, product introductions and anticipated financial performance are forward-looking statements. It is important to note that Watson's goals and expectations are not predictions of actual performance. Watson's performance, at times, will differ from its goals and expectations. Actual results may differ materially from Watson's current expectations depending upon a number of factors affecting Watson's business. These factors include, among others, the inherent uncertainty associated with financial projections; the impact of competitive products and pricing; the difficulty of predicting the timing or outcome of litigation; successful integration of strategic transactions; the ability to recognize the anticipated synergies and benefits of strategic transactions; variability of revenue mix between the Company's Brand, Generic and Distribution business units; periodic dependence on a small number of products for a material source of net revenue or income; variability of trade buying patterns; changes in generally accepted accounting principles; risks that the carrying values of assets may be negatively impacted by future events and circumstances; timely and successful consummation and implementation of strategic initiatives; the timing and success of product launches; the difficulty of predicting the timing or outcome of product development efforts and FDA or other regulatory agency approvals or actions; the uncertainty associated with the identification and successful consummation of external business development transactions; market acceptance of and continued demand for Watson's products; costs and efforts to defend or enforce intellectual property rights; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with FDA and other governmental regulations applicable to Watson's and its third party manufacturers' facilities, products and/or businesses; uncertainties related to the timing and outcome of litigation and other claims; changes in the laws and regulations, including Medicare and Medicaid, affecting among other things, pricing and reimbursement of pharmaceutical products; and such other risks and uncertainties detailed in Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's Annual Report on Form 10-K for the year ended December 31, 2007. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.

Risperdal(R) is a registered trademark of Johnson & Johnson Corporation.

Lamictal(R) is a registered trademark of SmithKline Beecham Corporation.

The following table presents Watson's results of operations for the three and nine months ended September 30, 2008 and 2007:

Table 1

Watson Pharmaceuticals, Inc.

Condensed Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)

Three Months Ended Nine Months Ended

September 30, September 30,

2008 2007 2008 2007

Net revenues $640,691 $594,706 $1,890,276 $1,869,316

Cost of sales (excludes

amortization, presented below) 386,655 346,420 1,126,655 1,131,578

Gross profit 254,036 248,286 763,621 737,738

Operating expenses:

Research and development 45,322 35,657 122,553 108,968

Selling, general and

administrative 101,269 112,491 312,197 312,867

Amortization 20,200 44,159 60,569 132,251

(Gain) loss on asset

sales/impairments 303 (6,118) 303 (6,118)

Total operating expenses 167,094 186,189 495,622 547,968

Operating income 86,942 62,097 267,999 189,770

Non-operating income

(expense), net:

Loss on early extinguishment

of debt - - (1,095) (4,410)

Interest income 2,157 1,964 6,151 6,696

Interest expense (7,005) (10,125) (20,732) (35,476)

Other income 11,942 1,449 19,375 7,886

Total non-operating income

(expense), net 7,094 (6,712) 3,699 (25,304)

Income before income taxes 94,036 55,385 271,698 164,466

Provision for income taxes 22,975 20,779 89,705 61,839

Net income $71,061 $34,606 $181,993 $102,627

Diluted earnings per share $0.62 $0.31 $1.60 $0.93

Diluted weighted average

shares outstanding 117,995 117,421 117,661 117,042

The following table presents Watson's Condensed Consolidated Balance Sheets as of September 30, 2008 and December 31, 2007:

Table 2

Watson Pharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

(Unaudited; in thousands)

September 30, December 31,

2008 2007

Assets

Cash and cash equivalents $339,354 $204,554

Marketable securities 12,683 11,799

Accounts receivable, net 314,475 267,117

Inventories 481,559 490,601

Other current assets 175,194 199,705

Property and equipment, net 660,549 688,185

Investments and other assets 149,564 129,920

Product rights and other intangibles, net 543,891 603,697

Goodwill 868,085 876,449

Total assets $3,545,354 $3,472,027

Liabilities & Stockholders' Equity

Current liabilities $398,100 $444,927

Long-term debt 824,609 899,408

Deferred income taxes and other liabilities 272,362 278,227

Stockholders' equity 2,050,283 1,849,465

Total liabilities and stockholders' equity $3,545,354 $3,472,027

The following table presents Watson's Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2008 and 2007:

Table 3

Watson Pharmaceuticals, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited; in thousands)

Nine Months Ended

September 30,

2008 2007

Cash Flows from Operating Activities:

Net income $181,993 $102,627

Reconciliation to net cash provided

by operating activities:

Depreciation and amortization 127,961 189,185

Deferred income tax provision 16,980 (15,509)

Provision for inventory reserve 35,940 36,908

Restricted stock and stock option compensation 14,055 10,337

Other adjustments (20,415) (4,311)

Changes in assets and liabilities:

Accounts receivable, net (47,358) 111,852

Inventories (26,898) (48,654)

Accounts payable and accrued expenses (45,789) (142,957)

Income taxes payable 9,933 2,967

Other assets and liabilities (6,180) 13,280

Total adjustments 58,229 153,098

Net cash provided by operating activities 240,222 255,725

Cash Flows from Investing Activities:

Additions to property, equipment and product rights (43,308) (50,304)

Additions to marketable securities and long-term

investments (5,407) (6,776)

Proceeds from sale of marketable securities and

investments 13,043 3,223

Other investing activities, net 400 15,100

Net cash used in investing activities (35,272) (38,757)

Cash Flows from Financing Activities:

Payments on term loan, current debt and other

long-term liabilities (95,633) (252,910)

Proceeds from issuance of short-term debt 17,909 1,655

Proceeds from stock plans 8,411 15,195

Repurchase of common stock (837) (1,731)

Net cash used in financing activities (70,150) (237,791)

Net increase (decrease) in cash and

cash equivalents 134,800 (20,823)

Cash and cash equivalents at beginning of period 204,554 154,171

Cash and cash equivalents at end of period $339,354 $133,348

The following table presents a reconciliation of reported net income and diluted earnings per share to adjusted net income and diluted earnings per share for the three and nine months ended September 30, 2008 and 2007:

Table 4

Watson Pharmaceuticals, Inc.

Reconciliation Table

(Unaudited; in thousands except per share amounts)

Three Months Ended Nine Months Ended

September 30, September 30,

2008 2007 2008 2007

GAAP to adjusted net income

calculation

Reported GAAP net income $71,061 $34,606 $181,993 $102,627

Adjusted for:

Global supply chain

initiative(1) 4,740 - 23,904 -

Acquisition and licensing

charges 1,000 1,710 6,500 11,288

Gain on sale of assets (8,250) (10,617) (9,605) (13,089)

Loss on asset sales and

impairments 303 4,499 303 4,499

Favorable settlement of tax

related liability (5,928) - (5,928) -

Loss on debt repurchases - - 1,095 4,410

Legal settlements - 8,500 (15,000) 8,658

Income taxes (9,000) (1,534) (12,673) (6,012)

Adjusted net income 53,926 37,164 170,589 112,381

Add: Interest expense on CODES,

net of tax 1,979 1,905 5,910 5,906

Adjusted net income, adjusted for

interest on CODES $55,905 $39,069 $176,499 $118,287

Diluted earnings per share

Diluted earnings per

share - GAAP $0.62 $0.31 $1.60 $0.93

Diluted earnings per

share - Adjusted $0.47 $0.33 $1.50 $1.01

Basic weighted average common

shares outstanding 102,893 102,453 102,749 102,266

Effect of dilutive securities:

Conversion of CODES 14,357 14,357 14,357 14,357

Dilutive share-based

compensation arrangements 745 611 555 419

Diluted weighted average common

shares outstanding 117,995 117,421 117,661 117,042

(1) Includes accelerated depreciation charges of $1,807 and $5,600,

respectively.

The following table presents a reconciliation of reported net income for the three and nine months ended September 30, 2008 and 2007 to adjusted EBITDA:

Table 5

Watson Pharmaceuticals, Inc.

Adjusted EBITDA Reconciliation Table

(Unaudited; in millions)

Three Months Ended Nine Months Ended

September 30, September 30,

2008 2007 2008 2007

GAAP net income $71.1 $34.6 $182.0 $102.6

Plus:

Interest expense 7.0 10.1 20.7 35.5

Interest income (2.2) (2.0) (6.2) (6.7)

Provision for income taxes 22.9 20.8 89.8 61.8

Depreciation (2008 includes

accelerated depreciation) 23.3 19.4 67.4 56.9

Amortization 20.2 44.2 60.6 132.3

EBITDA 142.3 127.1 414.3 382.4

Adjusted for:

Global supply chain initiative 2.9 - 18.3 -

Acquisition and licensing charges 1.0 1.7 6.5 11.3

Gain on sale of assets (8.2) (10.6) (9.6) (13.1)

Loss on asset sales and impairments 0.3 4.5 0.3 4.5

Favorable settlement of tax

related liability (5.9) - (5.9) -

Loss on early extinguishment

of debt - - 1.1 4.4

Legal settlements - 8.5 (15.0) 8.7

Share-based compensation 4.8 3.4 14.0 10.3

Adjusted EBITDA $137.2 $134.6 $424.0 $408.5

The following table presents a reconciliation of forecasted net income for the 12 months ending December 31, 2008 to adjusted net income and adjusted earnings per diluted share:

Table 6

Watson Pharmaceuticals, Inc.

Reconciliation Table - Forecasted Adjusted Earnings per Diluted Share

(Unaudited; in millions except per share amounts)

Forecast for Twelve Months

Ending December 31, 2008

Low High

GAAP to adjusted net income calculation

GAAP net income $233.0 $239.2

Adjusted for:

Licensing charges 6.5 6.5

Global supply chain initiative 30.4 30.0

Favorable settlement of tax related liability (5.9) (5.9)

Legal settlement (15.0) (15.0)

Loss on asset sales and impairments 0.3 0.3

Gain on sale of securities (9.6) (9.6)

Loss on early extinguishment of debt 1.1 1.1

Income taxes (15.1) (14.9)

Adjusted net income 225.7 231.7

Add: Interest expense on CODES, net of tax 7.9 7.9

Adjusted net income, adjusted for interest

on CODES $233.6 $239.6

Diluted earnings per share

Diluted earnings per share - GAAP $2.05 $2.10

Diluted earnings per share - Adjusted $1.98 $2.03

Diluted weighted average common shares

outstanding 117.8 117.8

The reconciliation table is based in part on management's estimate of net income for the year ending December 31, 2008. Watson expects certain known GAAP charges for 2008, as presented in the schedule above. Other GAAP charges that may be excluded from adjusted net income are possible, but their amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown. These GAAP charges, such as potential asset impairment charges, are dependent upon future events and valuations that have not yet been performed.

The following table presents a reconciliation of forecasted net income for the 12 months ending December 31, 2008 to adjusted EBITDA:

Table 7

Watson Pharmaceuticals, Inc.

Reconciliation Table - Forecasted Adjusted EBITDA

(Unaudited; in millions)

Forecast for Twelve Months

Ending December 31, 2008

Low High

GAAP net income $233.0 $239.2

Plus:

Interest expense 27.8 27.8

Interest income (9.2) (8.7)

Provision for income taxes 117.1 120.6

Depreciation (includes accelerated depreciation) 92.0 92.0

Amortization 80.8 80.8

EBITDA 541.5 551.7

Adjusted for:

Favorable settlement of tax related liability (5.9) (5.9)

Loss on asset sales and impairments 0.3 0.3

Share-based compensation 18.4 18.4

Global supply chain initiative 22.4 22.0

Licensing charges 6.5 6.5

Legal settlement (15.0) (15.0)

Loss on early extinguishment of debt 1.1 1.1

Gain on sale of securities (9.6) (9.6)

Adjusted EBITDA $559.7 $569.5

The reconciliation table is based in part on management's estimate of adjusted EBITDA for the year ending December 31, 2008. Watson expects certain known GAAP charges for 2008, as presented in the schedule above. Other GAAP charges that may be excluded from estimated EBITDA are possible, but their amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown. These GAAP charges, such as potential asset impairment charges, are dependent upon future events and valuations that have not yet been performed.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020214/WATSONLOGO)


'/>"/>
SOURCE Watson Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved


Related medicine news :

1. Watson Receives First FDA Approval for Manufacturing Product at Its Goa, India Facility
2. Watson Wyatt Identifies Major Benefit Trends During Open Enrollment Season
3. Texas Affiliates of Susan G. Komen for the Cure, Sen. Kirk Watson, Rep. Patrick Rose, Singer Kelly Willis, Breast Cancer Survivors and Activists Rally for Passage of Proposition 15
4. Watson Files FDA Application for Generic YAZ(R)
5. Watson Names Mark Durand Chief Financial Officer
6. Watson and Novartis Settle Lawsuit Over Exelon(R) Patent Litigation
7. Barr Subsidiary Sues Watson and Sandoz for SEASONALE(R) Patent Infringement
8. Watson Confirms Patent Litigation With Barr Related to Seasonale(R)
9. Watson Receives FDA Approval for Generic DuoNeb(R)
10. Watson to Distribute Alendronate Tablets
11. Medical Cost Increases to Accelerate Worldwide Over Next Five Years, Watson Wyatt Poll Finds
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/26/2016)... N.J. (PRWEB) , ... June 27, 2016 , ... Quality ... sources, yet in many ways they remain in the eye of the beholder, according ... (EBO), a publication of The American Journal of Managed Care. For the full issue, ...
(Date:6/26/2016)... ... June 26, 2016 , ... Pixel Film Studios Released ... , "Film editors can give their videos a whole new perspective by using the ... CEO of Pixel Film Studios. , ProSlice Levels contains over 30 Different presets ...
(Date:6/26/2016)... ... ... legally blind and certified personal trainer is helping to develop a weight loss fitness plan ... fix the two major problems leading the fitness industry today:, , ... They don’t eliminate all the reasons people quit their exercise program ...
(Date:6/25/2016)... Washington, D.C. (PRWEB) , ... June 25, 2016 ... ... will discuss health policy issues and applications at AcademyHealth’s Annual Research Meeting June ... share their work on several important health care topics including advance care planning, ...
(Date:6/25/2016)... ... ... The temporary closing of Bruton Memorial Library on June 21 due to a possible lice ... overlooked aspect of head lice: the parasite’s ability to live away from a human host, ... a necessary one in the event that lice have simply gotten out of control. , ...
Breaking Medicine News(10 mins):
(Date:6/26/2016)... OTTAWA, Ontario , June 27, 2016  VMS ... the Company,s Board will take whatever measures required to ... the Company,s stock which is currently listed on the ... S Wexler, Company Chairman and CEO, "We are seeing ... be difficult to understand, not only by the Company, ...
(Date:6/24/2016)... June 24, 2016  Global Blood Therapeutics, Inc. (GBT) ... developing novel therapeutics for the treatment of grievous ... the closing of its previously announced underwritten public ... the public offering price of $18.75 per share. ... offered by GBT. GBT estimates net proceeds from ...
(Date:6/24/2016)... Va. , June 24, 2016 The ... set of recommendations that would allow biopharmaceutical ... (HCEI) with entities that make formulary and coverage decisions, ... the "value" of new medicines. The recommendations ... does not appear on the drug label, a prohibition ...
Breaking Medicine Technology: