Almost there

  • By Eric Fetters / Herald Writer
  • Saturday, March 11, 2006 9:00pm
  • Business

ICOS Corp. is on the verge of something most biotechnology companies still only dream about: a consistent profit.

Paul Clark’s been the chief executive officer at ICOS since 1999, when the company was still years away from having its first drug approved by regulators. Before that, he worked 14 years for Abbott Laboratories.

The 59-year-old, who lives in Seattle, said he doesn’t miss that “near-death feeling” the company experienced every time it had to solicit more investment at that stage.

At the same time, he said he wants ICOS to be “still very hungry, very entrepreneurial” in its approach to science and competition.

Clark sat down for an interview recently in his office at ICOS’ headquarters in Bothell’s Canyon Park business campus.

Question: How has ICOS changed in your seven years with the company?

Answer: “I think the mentality is different, because if you go back to the ‘99 time frame, when we were operating at a loss, we had to raise cash. … And when you have to go out and raise cash, you never know if you’ll be successful.

“Now we have a strong assurance of being an ongoing company. Now the question is not will we survive, but how far and great we can grow.”

Q: Have Cialis’ sales lived up to your expectations?

A: “The number of biotech products that have achieved the sales we have … it’s a very small company of products that have achieved that.

“In the U.S., sales are a tad slow, but elsewhere, in Europe, Asia and elsewhere, we’re growing in the low double-digits.”

For the record, according to ICOS, Cialis sales reached $746.6 million worldwide last year. Its market share among erectile dysfunction drugs as of December was 25 percent in the U.S.

Q: Why are TV watchers seeing fewer commercials for Cialis?

A: “Advertising expenses will be less again this year. Our awareness (with consumers) now is very good. We don’t need to keep spending to do the same thing. We also don’t have to do as intensive doctors’ calls as we have. … But they’ve served their purpose very well.”

Q. What about the recurring rumors that ICOS will be bought by a larger company?

A: “It’s not our business strategy to do that. We’re in it for the long term.”

Clark added that, of course, any legitimate offer for the company would have to be taken to the board of directors for review and a vote.

Q: Are you still having fun at the job?

A: “Yes, I greatly enjoyed running the aircraft carrier for a long time (referring to time with Abbott). But having the opportunity to run a speedboat for a while now has been fun. … I don’t intend to change companies again in my career.”

What’s next

With annual sales of Cialis slowly but surely headed closer to $1 billion, the big question remaining is what drug will ICOS launch next.

Clark points to testing of tadalafil, the active ingredient in Cialis, as a treatment for a common prostate ailment, a potentially fatal lung condition called pulmonary arterial and hypertension or high blood pressure. He’s especially intrigued about using tadalafil against the latter condition.

“That really is our future. … The hypertension market is many multiples bigger than then BPH or even pulmonary arterial hypertension markets. So it’s an exciting potential,” he said.

While a slew of drugs already are on the market for high blood pressure, Clark added that the different way that tadalafil works compared with those drugs means it could generate significant sales if it’s eventually approved for that market.

A number of other potential drugs are still in the preclinical research stage at ICOS. Clark said he hopes one or more of those moves to the next stage in 2007.

Since Cialis began selling in the U.S. more than two years ago, ICOS has gained more national attention and Clark’s become a more familiar face on CNBC in national publications.

Michael O’Leary

Paul Clark says Cialis sales are a bit slow in the U.S., but are growing in double digits.

“From a personal enjoyment standpoint, I’m at the point in my career where I don’t need that, I don’t seek that,” he said. “But I recognize that as a company with a consumer product, it’s good for the (Cialis) brand.”

It also keeps Clark away from his out-of-the-office passions. He said the first time he visited a ski home he bought in Colorado years ago was just this past Christmas. He also isn’t on the golf greens as much as he’d ideally like.

“Last year, I played about 20 times,” he said. “A golfer would know that’s not many times.”

Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.

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