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news.Cambridge Antibody Technology has reported first-quarter pretax profits of GBP3 million having suffered a loss in the same period last year. The results were driven by royalties on sales of Humira, the rheumatoid arthritis drug developed alongside Abbott Laboratories.
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CAT said that Humira achieved sales of $1.4 billion in 2005. As a result, the drug became the first product from the UK biotech industry to reach blockbuster status.
CAT settled its long-running dispute with Abbott over royalties rights late last year. This agreement arranged for CAT to receive royalty payments of 2.69% on the drug. Humira is now forecast to bring in revenues of over $1.9 billion during 2006
In total, CAT posted revenues of GBP14 million, up from GBP2.7 million. The company also said that it had GBP152.2 million pounds of net cash and liquid resources as of December 31.
While expressing delight at the progress of Humira, Paul Nicholson, CAT’s chairman, also reported the progress being made with other drugs in the company’s development pipeline. In particular, CAT has hopes for a treatment for severe asthma and two anticancer drugs.