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Glaxosmithkline, Parent Company of Stiefel, a GSK Company Dermatology on Wall Street GlaxoSmithKline, Parent Company of Stiefel, a GSK Company or more than 160 years, Stiefel, a GSK compa- ny, has been committed to dermatology. Following a series of acquisitions in the latter Fpart of the last decade (Connetics Corp. in 2006 and Barrier Therapeutics in 2008), Stiefel itself was acquired by GlaxoSmithKline (GSK) in July 2009. GSK, a global pharmaceutical company, GSK (NYSE: GSK) Founded: 2000 has the third highest revenues of any pharmaceuti- (Merger of Glaxo Wellcome and SmithKline Beecham) cal company globally. The company’s primary therapeutic areas include asthma, anti-virals, anti- Stiefel Founded: 1847, Acquired by GSK in 2009 infectives, cancer, diabetes, mental health, and now dermatology. Its large consumer division mar- Based: London, UK and Research Triangle Park, NC (Stiefel) kets several market-leading products, including the Number of Employees: 96,500+ world’s fastest growing toothpaste brand for the last five years (Sensodyne). On the Web: www.gsk.com Since the acquisition, Stiefel remains focused on www.stiefel.com dermatology, with a portfolio of OTC and prescrip- tions drugs for the treatment in a wide range of Officers: Andrew Witty, Chief Executive Office; Simon Bicknell, dermatologic therapeutic areas, including acne, Senior Vice President, Governance, Ethics and Assurance; John psoriasis, aesthetics, antifungal, anti-itch, and dry Clarke, President, Consumer Healthcare; Deirdre Connelly, skin. President, North American Pharmaceuticals; Simon Dingemans, Stiefel’s development in recent years has Chief Financial Officer; Marc Dunoyer, President, Asia focused on novel foam vehicle formulations, Pacific/Japan; Eddie Gray, President, Pharmaceuticals Europe; including recent additions Sorilux (calcipotriene) Abbas Hussain, President, Emerging Markets and Asia Pacific; and Extina (ketoconazole), and the antibacterial Altabax (retapamulin ointment). Stiefel, which has Bill Louv, Chief Information Officer; David Pulman, President, long been a significant presence in the field of pre- Global Manufacturing and Supply; David Redfern, Chief scription acne therapeutics, recently launched its Strategy Officer; Moncef Slaoui, Chairman, Research & popular PanOxyl Acne Creamy Wash (4% and 8% Development; Jean Stéphenne, President and General benzoyl peroxide) over-the-counter. PanOxyl had Manager, Biologicals; Claire Thomas, Senior Vice President, been the most-prescribed BPO acne wash formula- Human Resources; Dan Troy, Senior Vice President and General tion. The OTC launch of PanOxyl follows Stiefel’s Counsel; Patrick Vallance, Senior Vice President, Medicines recent successful introduction of the non-prescrip- Discovery and Development; Phil Thomson, Senior Vice tion MaxClarity acne system. Promoted in televi- President, Global Communications sion infomercials, the only foam-based acne sys- tem features the company’s VersaFoam technology. The system includes a foaming cleanser, day treat- ment, and rejuvenating evening toner. June 2011 | Practical Dermatology | 19 Dermatology on Wall Street Financial Facts and that is when we know we are getting at the real issues; when people are comfortable enough GSK Stock Price (as of April 28, 2011): $43.51 to discuss the elephant in the room, we are having 52-week Low: $32.15 meaningful conversations,” he says. 52-week High: $43.70 As part of its dedication to the specialty, Mr. Market Cap: $110.73B Humphries notes that Stiefel has three areas of Div & Yield: 2.46 (5.90%) focus: sales reps that educate, support, and assist clinicians; marketing professionals who work Earnings closely with clinicians to understand their needs Earnings per share, Q 1 2011: 48.0¢ and the needs of patients; and strong connections Analysts’ mean earnings per share estimate, with physicians through its dedicated Research upcoming quarter: 0.83 and Development efforts. Stiefel continues to pro- P/E ratio: 41.35 vide financial support for educational meetings and philanthropic initiatives, such as the Children’s Skin Disease Foundation’s Camp Wonder (csdf.org/camp-wonder.html). GSK recently announced a $161 million invest- Pipeline. GSK reports that is has roughly 30 ment into the Stiefel business over the next three assets in late-stage development and that 10 com- years. This is in addition to a pledge by Stiefel to pounds or vaccines have started phase III clinical invest $47 million into self-funded R&D projects. trials since the start of 2010. Philosophy: With over 160 years in dermatol- Stiefel maintains its own R&D functions within ogy, Stiefel remains “dedicated to dermatology,” its business unit. Beyond the $161 million invest- says William “Bill” Humphries, President, ment from GSK, Stiefel has access to GSK’s portfo- Dermatology for Stiefel. He notes that, while now lio of more than 65 million molecules from which part of one of the world’s largest pharmaceutical 22 promising new chemical entities for possible companies, Stiefel still retains the “best of legacy dermatologic applications have already been iden- Stiefel,” including a passion for dermatology. tified and three of them have advanced into proof Supported by the R&D resources of GSK, Stiefel of concept studies. Business growth will continue maintains the ability for “collaborative develop- to focus on the US and European markets, as well ment,” Mr. Humphries says. Drug developers have as Asia, with a keen focus on rapid growth in the flexibility to develop and modify formulations Emerging Markets. with relative speed. In fact, formulations can Continued OTC growth is also expected. sometimes be modified on the spot in response to Expansion into the OTC market is a response to focus group feedback, and updated products can the needs of patients, and it balances the desires of be presented back to the group, he says. dermatologists, Mr. Humphries says. “Our message “The values that guide us are transparency, to patients is, ‘if it doesn’t work, please see your integrity, patient focus and respect,” Mr. dermatologist’,” he says. ■ Humphries says. Stiefel functions like a smaller company, where communication is emphasized For more updates on the dermatology pharmaceuti- and employee involvement is encouraged. For cal industry, look for future installments of example, Mr. Humphries hosts monthly open “Dermatology on Wall Street.” An industry overview is breakfast meetings where any member of the staff availabe online at PracticalDermatology.com in our is invited to attend to learn more about the unit’s May 2010 issue. In coming months, we’ll take another operations, ask questions, or offer suggestions. look at drug development in dermatology with an “Sometimes, we have to face the tough questions, emphasis on the overall pipeline. 20 | Practical Dermatology | June 2011.
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