Germany's Schwarz Announces Results

German drugmaker Schwarz Pharma has announced a decline in sales in 2004, although results were better than market forecasts. Turnover fell by roughly a third to EUR946.6 (US$1.25bn) in the year, mainly due to US losses on anti-ulcer treatment omeprazole. Market observers had forecast sales of EUR912mn in 2004.

Meanwhile, profits declined to just US$2.37mn, and the company warned that this year will also be difficult, as sales are expected to fall again and profit should slide to close to the break-even level. However, Schwarz's R&D spending notably increased by 37% in the year to EUR197.7mn (US$260.16mn) in 2004.