Propecia lawsuits skyrocket as sales of Merck's risky baldness drug decline
Despite Justin Bieber's recent plea for Prince William to pop Propecia, the perilous hair-loss drug is losing market share at a double-digit pace—while gaining furious customers at a triple-digit clip.
According to Merck's quarterly report (SEC Form 10-Q) for the period ended June 30, 2012, Propecia sales totaled $100 million, compared to $112 million for the same period in 2011. That makes for a decline of about 10.5 percent.
Meanwhile, the number of plaintiffs who have filed lawsuits against the pharmaceutical giant, alleging "that they have experienced persistent sexual side effects following cessation of treatment with Propecia and/or Proscar [the same drug, finasteride, in a higher dose, to treat enlarged prostate]" has risen significantly.
For the quarter ended March 31, 2012, Merck reported "approximately 80 lawsuits involving a total of approximately 175 plaintiffs." And for the quarter ended June 31, 2012, the total number of lawsuits escalated to 200, while total plaintiffs jumped to 325.
That's a 150-percent rise in the number of lawsuits, and an 86-percent rise in plaintiffs.
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Categories: Propecia