Salix says it can double '05 revenues within 4 years

By Jennifer Lanning Drey

Eugene, Ore., June 29 - Salix Pharmaceuticals, Inc. believes it can double its 2005 revenues within four years, said Carolyn Logan, chief executive officer of Salix, at the 26th Annual William Blair & Company Growth Stock Conference on Thursday.

Salix's total product revenue for 2005 was $154.7 million, according to a company news release.

"We believe we will enhance our margins, whether that be product margins or operating margins," said Logan on Thursday.

"We also plan to expand our current product offerings, whether that be through new forms of existing products or acquiring additional products through in-licensing or acquisition of currently approved products."

Salix is expecting the Food and Drug Administration to approve MoviPrep (PEG 3350, sodium sulfate, sodium chloride, potassium chloride, sodium ascorbate and ascorbic acid for oral solution) bowel cleansing agent on Aug. 2, Logan said.

The company hopes to launch the drug before the end of the year, she added.

Salix licensed exclusive the rights to MoviPrep in the United States from Norgine BV.

MoviPrep is one of two bowel cleansing products in the company's portfolio. Salix also received FDA marketing approval for OsmoPrep colon cleansing tablets in March.

The company considers the bowel cleansing market an emerging market with a lot of growth opportunity, Logan said.

"We believe that we will be able to dominate the bowel cleansing market with these two products because they offer both physicians and patients the best of both worlds," Logan said.

In addition, Salix said it is studying additional indications for Xifaxin (rifaximin), which was approved for treatment of "traveler's diarrhea" in May 2004.

"We want to expand our market share in markets where we compete," said Logan.

Other possible indications for the drug include treatment of hepatic encephalopathy and irritable bowel syndrome, she said.

Salix reported results of a study in May suggesting that Xifaxin provides durable improvement in symptom relief for irritable bowel syndrome patients.

In addition, the company reported a second study in May that demonstrated Xifaxin tables showed improvement in more than 80% of refractory pouchitis patients.

Salix, based in Raleigh, N.C., develops and markets prescription pharmaceutical products for the treatment of gastrointestinal diseases.

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