Category: Pharmaceuticals

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What It Is: 7/7/08

What I’m reading: The July issue of The Atlantic (on my Kindle!). There’s an article by Fred Kaplan on Donald Rumsfeld that I found fascinating, because it looks beyond The Big Mistake and finds that Rumsfeld actually pulled off a lot of significant accomplishments as defense secretary. Also, Zenith, which I just adored back in college.

What I’m listening to: Orblivion by The Orb and Illumination by Paul Weller. It’s been that sort of week.

What I’m watching: The Whole Nine Yards. It occurs to me that, not only have I never seen an episode of Friends, I’ve never seen a movie starring any of the six cast-members, till now. Also, the epic Federer/Nadal match at Wimbledon. Holy crap, was that an amazing match.

What I’m drinking: Now that my local supermarket has a good supply of limes, I’m back to Martin Miller’s G&Ts.

Where I’m going: To sleep, once this issue is done.

What I’m happy about: That I was finally able to work a Terence McKenna/Timewave Zero reference into one of my Top Comapnies profiles.

What I’m sad about: Still too busy to be sad. I’ll get back to you next week on that one.

What I’m pondering: How to outsource next year’s Top Companies ish to India.

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Pharma Phunnies

The majority of the Top Companies issue is just about done, dear readers! Still need to finish up some layouts and write the short intros to the two major sections (Top 20 Pharma & Top 10 Biopharma), but the finish line is actually within sight!

So I thought I’d take a break from my biopharma layouts and share with you a couple of odd laughs:

Inadvertent Pharma Phunnies

Boehringer Ingelheim sponsors a website on transient ischemic attack. It’s www.stroke-forum.com, and I bet it receives a lot of disappointed visitors.

* * *

Astellas, a Japanese company, has a press release section with a link to archives titled “What’s New in the past”. Not quite Engrish, but close!

Advertent Pharma Phunnies

I needed a subhed for a section on how Enbrel has a strict warning about the possibility of TB and other infections among patients. Since Amgen has been hit with a lot of labeling and safety issues this past year, I went with “Phthisis Ridiculous!”

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Huge restructuring plans with portentous names were the norm this year, leading to this paragraph from my Wyeth profile:

In 2008, Wyeth transitioned from its open-ended and somewhat ambiguous Project Springboard productivity plan into Project Impact. While the notions of “springboard” and “impact” may evoke images of Wile E. Coyote smashed flat against a cliff face, this new initiative is intended to “adjust down our infrastructure and reduce our operating costs in response to loss of Protonix sales in 2008 [and] to facilitate long-term growth, as well as to address short-term fiscal challenges,” according to the company’s 10-K statements.

Okay, maybe I’m just punchy.

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Working for the weekend

No posts today, dear readers. I still have to research and write 1000-word profiles for Pfizer, Sanofi-Aventis, Amgen and Genentech, and 350-word profiles for Merck Serono and Schering Plough. Then I get to lay out the issue over the holiday weekend so we can get it out to the printer by Monday. Joy!

But that’s the tradeoff for the money and travel opportunities. I’m not complaining so much as letting you know that you’ll be lucky to get some Unrequired Reading tomorrow.

Don’t blow (your own) fingers off this weekend!

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Creative Creation?

A few years ago, I wrote about the American Jobs Creation Act (here and here), a bill passed in 2004 that permitted U.S. companies to repatriate overseas funds at a reduced tax rate (essentially 5.25%). It was a one-time act, and made some sense, given that the U.S. has one of the largest corporate tax rates in the world (essentially 35%). The joke I discovered about “jobs creation” was that, in the pharma business, this act overlapped with the onset of massive layoffs in this industry.

Today, the NYTimes writes about the bill, how the amount of money that came back to the U.S. was 50% higher than government estimates ($312 billion to $200 billion), and how the tax revenues generated were six times higher than a congressional committee anticipated ($18 billion to $2.6 billion). It’s great that tax revenues got a big boost, but the it looks like the biggest “creation” was in the creative accounting department.

Companies were told by the government that the repatriated funds had to be dedicated to R&D, employment, and other “jobs creation”-y domestic investments. Of course, there was no provision stating that funds previously allocated to those needs couldn’t be shifted away to other activities.

“It basically worked out to be one big giveaway,” said Robert Willens, a tax and accounting authority in New York. “The law never took into account the fact that money is fungible.”

Mr. Willens said while companies did make investments in their domestic operations, the repatriated money also freed up a corresponding amount of cash to pay out to shareholders or buy back stock — moves that do not generate job growth or investments. “We know that a lot of stock was retired during this time,” he said.

While you read all about it, I’ll get back to last year’s financials and letcha know what neat accounting tricks I come across.

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Mobil Eyes

I didn’t take any pix yesterday when I went to NYC to interview an exec at Pfizer, but that doesn’t mean I didn’t see any neat stuff. In this case, I discovered the Mobil Building, a block or so southwest of Pfizer’s HQ. A gent named wallyg posted a neat pix of the building (and the nearby Chrysler building) over at flickr:

Photo by wallyg, who appears to have some other really wonderful shots up at flickr, too!

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Bottoms up

Sorry I didn’t post earlier in the day, dear readers. I was just building up my courage for the plunge into our annual Top Companies Report, where I profile the top 20 pharma companies and top 10 biopharmas. I just have to tell myself, “Come July 2, it’ll all be done.” It used to be daunting, but the past few years of awful pipeline progress have made it awfully depressing, too.

This morning, I sat down with Pfizer’s 2007 annual report to run the basic numbers on drug revenues, and realized that two of its drugs that went generic dropped a combined $3.3 billion in revenues, while one of its biggest up-and-coming products just got banned by the FAA (in pilots and air traffic controllers) because of a variety of messed up side effects. The company’s biggest seller (the top-selling drug in history) was flat for the year, now that similar drugs have gone generic. I knew they have a tough slog ahead, but the numbers make it even starker. I thought, “I really should’ve started with another company.”

As it turned out, the next 7 or 8 companies on my list weren’t in great shape, either. The European firms got a little boost on my chart because of the exchange rate (I always put in a disclaimer that shows results in local currency, because I’m all about value), but I have a feeling I’m going to be hard pressed to find good stuff to write about in their profiles.

“Come July 2, it’ll all be done.”

On the positive side, I’m just about done with my review/ramble on the Kindle! I spent a while on it yesterday, realized it was getting way too involved, and stripped it down to a pretty good size and shape. Unfortunately, I won’t be able to finish it today, because I just got a (print) book in from Amazon: Dæmonomania, by John Crowley. It’s the third book in his Ægypt series, and I cæn’t wæit to reæd it!

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What It Is: 5/26/08

What I’m reading: Lord Jim, Joseph Conrad, and vol. 1 of Cromartie High School, an incredibly funny manga.

What I’m listening to: That new Portishead album again.

What I’m watching: Kung Fu Hustle, which remains one of the most entertaining flicks of all time, and The Big Lebowski, which I need to write about.

What I’m drinking: Blue Point Brewing Co.’s Blueberry Ale (a gift from this weekend’s houseguests).

Where I’m going: Maybe out to see Iron Man today, but otherwise, nodarnwhere special this week.

What I’m happy about: Having a nice, long, relatively relaxing weekend. (“Relatively,” because Saturday involved a lot of cleaning and cooking, as we had those aforementioned houseguests. Also, I was a nervous nellie because one of the sets of guests had a 1-year-old child, and I was afraid Rufus would get overstimulated and eat the kid. Everything turned out fine.) Oh, and taking a vacation day on Tuesday, just to get a little extra time before diving into the big Top 20 Pharma and Top 10 Biopharma issue of my magazine.

What I’m sad about: Last night, Rufus appeared to have developed a case of Ringworm in Ringwood. Fortunately, we already had a vet appointment scheduled for tomorrow.

What I’m pondering: Why the Coen Brothers use voiceovers in some of their flicks and not in others. Also, how long the natives will let the new Mars probe transmit.

What I’m updating: Rufus’ status! The vet says that they’re just “mayfly” bites, nothing that requires any treatment! Wanna see all the gories? Glad to oblige!