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Earnings Calls In Brief

This article was originally published in The Gray Sheet

Executive Summary

Johnson & Johnson/Cordis: Sales of Cypher sirolimus-eluting coronary stents in the United States declined 44% from a year ago to $185 million in the third quarter, the firm reports Oct. 16. Internationally, sales of the device were off 40% to $190 million. The firm blamed reduced percutaneous coronary intervention procedure volumes, a decreased penetration rate for drug-eluting stents versus bare-metal stents, and burgeoning overseas competition. The drug-eluting stent market has declined by over 40% in the United States and over 10% internationally, J&J estimates. The firm believes its share of the U.S. market has been stable at about 46%, while international share of 37% was down from 51% a year ago. Worldwide, Cypher's market share is about 41%, the firm says. Overall, J&J's medical devices and diagnostics segment reported Q3 sales of $5.2 billion, up 6% from a year ago. Company-wide, the diversified drug and medical technology firm generated revenue of $15 billion, up 12.7% from a year ago
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