|By Marketwire .||
|July 30, 2012 08:20 AM EDT||
NEW YORK, NY -- (Marketwire) -- 07/30/12 -- Despite facing patent expirations for top-selling drugs, major pharmaceuticals have performed admirably in 2012. The iShares Dow Jones U.S. Pharmaceuticals Index Fund (IHE) is up 14 percent year-to-date -- outperforming the Dow Jones Industrial Average by almost 10 percent. The Paragon Report examines investing opportunities in the regional Drug Manufacturers Industry and provides equity research on Bristol Myers Squibb Co. (NYSE: BMY) and Eli Lilly & Co. (NYSE: LLY).
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According to a recent report from Fitch Ratings, there will be fewer prescription drugs approved in 2012 than the 30 approved last year. During the first half of the year, the Food and Drug Administration (FDA) approved 14 innovative drugs, compared to 18 a year ago. "Branded pharmaceutical developers' research success of 2011 will be difficult to repeat," the report stated.
Expiring patents have seen 3 of the top 10 selling drugs receive generic competition since last October. Recently Bristol-Myers Squibb Co. and Eli Lilly and Co. quarterly results showed net-income fell by over 20 percent as a result of generic competition to their blockbuster drugs.
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Bristol-Myers Squibb posted second quarter 2012 net sales of $4.4 billion, a decrease of 18 percent compared to the same period a year ago, following the U.S. patent expiration of Avapro/Avalide in March 2012 and Plavix in May 2012. Excluding Plavix and Avapro/Avalide, net sales grew by 8 percent compared to the second quarter of 2011.
For the second quarter of 2012 Eli Lilly reported net income and earnings per share decreased to $923.6 million and $0.83, respectively, compared with second-quarter 2011 net income of $1.197 billion and earnings per share of $1.07. Total revenue in the U.S. decreased 10 percent to $3.012 billion due to the loss of patent exclusivity for Zyprexa.
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