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Alcon strikes drug development deal with AstraZeneca, announces second-quarter results

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HUENENBERG, Switzerland — Alcon has entered into a 5-year collaborative research agreement for the exclusive rights to AstraZeneca's compound library, according to a press release from Alcon.

The companies are targeting the development of drugs to treat glaucoma and retinal diseases, as well as ocular allergy and other inflammatory eye conditions, the press release said.

Under the terms of the agreement, Alcon will obtain access to specified AstraZeneca compounds and will be responsible for performing and funding all research and development activities. The collaboration agreement also provides for the negotiation of license agreements on an individual basis for any compound that advances into clinical development.

In a separate release, Alcon reported $1.68 billion global sales for the second quarter, representing a 3.4% decline — or a 3.3% increase excluding the impact of foreign exchange fluctuations — compared with $1.74 billion in global sales reported during the second quarter of 2008.

Net earnings for the second quarter totaled $582 million, or $1.94 per diluted share, representing a 2.6% increase compared with net earnings of $567 million, or $1.88 per diluted share, reported during the same period last year.

Second-quarter international sales totaled $887 million, representing a 6.4% decline — or a 12.3% gain excluding foreign exchange fluctuations — compared with $948 million reported during last year's second quarter. Sales in the United States stabilized at $790 million, representing a 0.3% gain compared with $788 million in U.S. sales during last year's second quarter. Alcon attributed the stabilization to strong contributions from advanced technology AcrySof IOLs, as well as growth in the company's glaucoma division — slightly offset by generic competition to TobraDex (tobramycin-dexamethasone) ophthalmic solution.

Alcon's second-quarter pharmaceutical sales totaled $713 million, representing a 4.4% decline, or a 6% gain excluding foreign exchange fluctuations, compared with $746 million in pharmaceutical sales reported during the same period last year. Specifically, glaucoma product sales rose 8.3%, or 16.6% excluding the influence of foreign exchange flux, to $274 million — led by continued global market share gains by Travatan (travoprost), Travatan Z (travoprost 0.004%) and DuoTrav (travoprost 0.004%, timolol 0.5%) ophthalmic solutions.