BOTHELL — Sales of Cialis in the United States reached nearly $28 million during the first full month after the erectile dysfunction drug won regulatory approval.
ICOS Corp. of Bothell and Eli Lilly &Co., which are jointly marketing and manufacturing the drug, reported Thursday that worldwide sales of Cialis exceeded $203 million in the first year.
During the fourth quarter alone, worldwide sales totaled $94 million. That was $22 million above the conservative estimates made by Paul Latta, an analyst at McAdams Wright Ragen in Seattle. Most other analysts also had predicted lower sales.
The biggest surprise was U.S. sales during the last weeks of the fourth quarter. Most analysts expected sales between $13 million and $20 million, especially because Lilly and ICOS didn’t begin advertising the drug in this country until this month.
"One thing we certainly can deduce is that the revenue rates will be higher in North America than in the rest of the world," Latta said.
He said the drug’s first seven weeks on the European market in spring 2003 brought in $21.5 million.
Despite the higher than expected sales, the joint venture lost almost $175 million in 2003 because of the enormous cost of launching the drug and marketing it in Europe and North America. Research costs also went up as Lilly ICOS conducted follow-up studies on the drug’s use.
Cialis is poised to become a more widely known brand name after Sunday, when Lilly and ICOS run a 60-second advertisement during the Super Bowl. Among other things, the ad will tout the drug’s effectiveness for up to 36 hours.
Analysts have predicted the rival to Viagra and Levitra could eventually reach $2 billion in annual sales.
"I wouldn’t dispute that," Latta said. "I think that’s a tad aggressive, but I think it’s an achievable level."
ICOS is scheduled to report Tuesday on its individual fourth-quarter financial performance.
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