Drug maker Eli Lilly today cut fourth-quarter profit expectations because of plunging US sales of Prozac, the world's top-selling antidepressant, which lost patent protection on August 2nd.
In the four weeks after the loss of exclusivity, Prozac's US market share tumbled by more than 80 per cent as such rivals as Barr Laboratories and Pharmaceutical Resources flooded drug stores with cheaper copycat medicines.
"With nearly two months of Prozac sales data available, the erosion in prescriptions is the most severe ever for a blockbuster product in our industry," said Mr Sidney Taurel, Eli Lilly chairman, president and chief executive.
Prozac had global sales of about $2.5 billion in 2000, making it Lilly's flagship medicine that year. Its recent sales decline prompted analysts to forecast a 7 per cent drop in Lilly's earnings per share for the third quarter.
The company hopes to revive sales by introducing a new drug with blockbuster potential, named Xigris. It is awaiting approval from US regulators to treat sepsis - a deadly syndrome linked to blood infections.