Key business with prescription medicines continues to boost growth at Boehringer Ingelheim

Boehringer IngelheimThe pharmaceutical company Boehringer Ingelheim again posted good business results for the first six months of 2007. The company grew by 2.1% in euro terms compared to EUR 5,296 million in 2006, achieving net sales of EUR 5,407 million. Currency-adjusted growth was 7.5%.

Key global products, such as Spiriva®, Micardis®, Mirapex®/Sifrol® performed strongly, driving growth. As foreseen, the overall growth rate was lower than in 2006, due mainly to competition from generics. This applied to Mobic® in the USA and Alna® in Europe.

Although the euro's strength against the US dollar and the Japanese yen also significantly contributed to slower growth, an operating income of EUR 1,001 million was achieved, compared to EUR 1,033 million in 2006. The operating return on sales fell only slightly compared to the first half of 2006 from 19.5% to 18.5%.

"Our growth is primarily driven by our innovative drugs which are readily accepted, due to their value for patients. This allowed us to achieve good business development and maintain our strategic growth path in the first half of the year, despite negative factors, such as Mobic® gone generic in the USA in July 2006 and unfavourable currency effects," said Dr Alessandro Banchi, Chairman of the Board of Managing Directors of Boehringer Ingelheim. "Importantly, we maintained growth in the USA, as well as in Europe and Asia, and again expect, currency-adjusted, double-digit growth and an operating margin of around 20% for the whole of 2007," he said.

Boehringer Ingelheim's core business, Prescription Medicines (PM), accounts for about 80% of the company's net sales. These drugs posted sales of EUR 4,310 million in the first six months, an increase of 2.6% in euro terms (+8.4% after currency adjustment) compared to 2006.

In the US, due to the generic competition for Mobic®, Prescription Medicines' sales were 3.7% lower, at EUR 1,932 million in euro terms. After currency adjustment, however, growth was 4.1%.

Asia, Australasia, Africa posted net sales of EUR 713 million, an improvement of 3.3% on 2006 in euro terms (currency-adjusted +12.3%). The weak yen meant that Japan only increased sales by 0.8% in euro terms to EUR 424 million. But after currency adjustment, Japan achieved gratifying growth of 12.6%.

In Europe, Boehringer Ingelheim posted net sales of EUR 1,182 million, with growth of 9.1% in euro terms (currency-adjusted +8.9%). Germany remained Boehringer Ingelheim's largest European market, with growth of 3.7% and net sales of EUR 234 million.

Respiratory products, accounted for 37% of Prescription Medicines' sales, forming the largest share. Spiriva®, for the treatment of chronic obstructive pulmonary disease (COPD), secured further strong growth of 32.5% in the first half of 2007 compared to 2006, with sales of EUR 847 million.

The leading cardiovascular product, Micardis®, a drug for the treatment of high blood pressure, posted a 17.8% increase in sales compared to the previous year to total EUR 563 million.

For urological disorders the company markets Flomax®/Alna®, a treatment for benign prostatic hyperplasia. This drug achieved growth of 16.6% over 2006, with net sales of EUR 522 million.

In the area of central nervous system disorders, Mirapex®/Sifrol®, for the treatment of Parkinson's disease and restless legs syndrome, achieved a gratifying performance, with sales rising to EUR 298 million (+14.3% compared to 2006).

Mobic®, in the area of inflammatory and immunological diseases, for the treatment of pain associated with arthritis, suffered a severe slump in sales after the market entry of generic competitors in the USA. Net sales totalled EUR 122 million compared to EUR 454 million in 2006.

Consumer Health Care (CHC), that accounts for 10.4% of the corporation's net sales, showed positive development, with growth of 7.4% in euro terms (currency-adjusted +12.5%) to EUR 560 million. The acquisition in the USA of Zantac® for the treatment and prevention of heartburn, not included in the 2006 sales figures, was the main growth driver here.

The Animal Health business made excellent progress in its core segments swine and small animals, achieving growth of 7.3% in euro terms (currency-adjusted +10.7%) on sales of EUR 195 million. In particular, the introduction of the vaccine Ingelvac® Circoflex™ for porcine circovirus 2 associated disease (PCVAD) in the USA and Canada boosted growth in the swine segment. The positive business development in the USA, with currency-adjusted growth of 11% compared to 2006, was particularly positive. Our other key products, Metacam®, Vetmedin® and Enterisol® Ilitis, also achieved double-digit growth in many regions compared to 2006.

Due to expected extraordinary effects, Biopharmaceuticals' sales were EUR 196 million, an 11.5% decline compared to 2006.

This year too, the company's growth was the basis for generating new jobs. Compared to the first half of 2006, Boehringer Ingelheim increased its employee capacity by 1,406 (+3.8%) to 38,351.

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