October 7, 2016
Concordia International Corp. Script Tracker - Week Ended Sept 30th
Our view: Given recent U.S. product and pricing volatility, we believe it is important to provide investors with a weekly in-depth view of script trends. Our forecasts do not reflect completion of the $350MM senior note offering.
Key points:
Plaquenil AG TRx up 1.1% WoW, slightly underperforms broader market.
Plaquenil AG (Prasco) TRx were up 1.1% WoW vs. down 0.3% the prior week. Total hydroxychloroquine (broader plaquenil market) TRxs were up 1.7% WoW and Prasco's market share (Concordia AG) currently sits at 38.6% of TRx vs. 38.8% the prior week. We have outlined Plaquenil/ hydroxychloroquine market share trends in Exhibit 2. As previously noted, we believe Plaquenil AG pricing has decreased by ~40% recently and we note that Concordia confirmed that Plaquenil AG is seeing further pricing pressure due to the Actavis generic (1.8% market share).
Lanoxin AG TRx up 3.7% WoW. Par's (AG) market share was up slightly to 31.5% from 31.1%, Sun Pharma's market share decreased from 9.5% to 9.4% this week, WestWard Pharma's share decreased from 10.3% to 9.9%, Digoxin saw its share decrease from 25.1% to 24.9%, and Impax's share increased from 22.9% to 23.2%. The Lanoxin AG (Par Pharma) saw TRx increase 3.7% WoW vs. a 0.8% decrease last week. The broader market saw TRx increase 2.6% WoW. We have outlined Lanoxin/Digoxin market trends in Exhibit 3.
Donnatal TRx down 0.1% WoW. As previously noted, we have been monitoring the market share of several IBS drugs that target both IBS-C and IBS-D, due to the launch of Allergan's Viberzi in December (TRx up 2.7% WoW). While Donnatal saw a slow decline in scripts between January and August, we believe scripts are beginning to stabilize. Donnatal NRx were down 1.8% WoW vs. flat the prior week and TRx were down 0.1% WoW vs. down 2.7% the prior week. Donnatal's current market share (TRx) is 1.7%; Xifaxan holds a 16.0% market share, Viberzi has a 4.3% share, Amitiza has a 27.1% share, and Linzess has a 50.8% share. Exhibit 5 shows Donnatal weekly NRx and TRx trends.
Other CXRX products: Nilandron TRx up 4.2% WoW, Dibenzyline AG TRx down 4.3% WoW, and Kapvay TRx up 14.6% WoW. Nilandron saw TRx of 24, up 4.2% WoW. We note that ANI Pharmaceuticals had a generic version of Nilandron approved by the FDA on July 18. The ANI generic saw TRx decrease 7.1% WoW to 26 TRxs. We anticipate that CXRX will launch an AG in the coming weeks.