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In Specialty Pharma, First Horizon's Low Cost Sales Model

Executive Summary

In 2003, after a string of bad luck that had sent its stock down 81%, First Horizon overhauled its management team and began to implement a new low-cost sales strategy. It appears to be working. First quarter 2004 income was $8.2 million, compared to a loss of almost $14 million a year ago. Prescriptions of its key product, calcium channel blocker nisoldipine (Sular), were up 10% in the quarter, and this was evidently enough to convince pharmaceutical company SkyePharma PLC to grant the specialty pharma US marketing rights to an unnamed cardiovascular product.

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