German drugmaker Schwarz Pharma has posted a net loss in the third quarter of 2005, after paying out a licensing fee for rotigotine, a patch in development to treat Parkinson’s disease and restless legs syndrome, from US company Aderis Pharmaceuticals.
Schwarz posted a quarterly loss of 51 million euros ($60.5 million), compared to a 1.6 million euros profit a year earlier, after the German company paid 58 million euros to Aderis to secure rights for the drug [[18/07/05e]]. Sales went up 5.5% to 234 million euros.
Analysts had expected higher losses – at around 58 million euros – but Schwarz benefited from an unexpected 11 million-euro tax gain, rather than a loss.
Schwarz said this would help it post a net profit in 2005 of about 2 million euros, rather than a break-even position, with sales at around 930 million instead of 900 million euros as forecast earlier.
Rotigotine is currently being reviewed by regulators on both sides of the Atlantic and will be sold under the brand name of Neupro if approved [[12/10/04e]]. Schwarz has predicted that the product will achieve sales of 350 million euros a year.
The company's chairman, Patrick Schwarz-Schuette, said Schwarz has a number of new products coming through the pipeline, in addition to Neupro, a New Drug Application is being drawn up for fesoterodine for the treatment of overactive bladder. Meanwhile, lacosamide, a treatment for neuropathic pain and epilepsy, is in Phase III trials.