In the first quarter of 2010 the company recognized a charge of $50.0 million related to acquired in-process research and development associated with the in-licensing agreement with Acrux Limited.
Animal Health
Worldwide sales of animal health products in the first quarter of 2010 were $289.6 million, an increase of 10 percent compared with the first quarter of 2009. U.S. sales grew 3 percent, to $157.7 million, primarily due to higher prices and increased sales of Comfortis, partially offset by lower demand for other animal health products. Sales outside the U.S. increased 19 percent, to $131.9 million, driven primarily by increased demand and the favorable impact of foreign exchange rates.
ACR Price at posting:
$2.23 Sentiment: Buy Disclosure: Held
