As we expected, the second half of 2005 is bringing stronger sales and earnings growth.
We've been developing John for a while.
As our product line continues to become more diversified, we have become less dependent on Prozac performance. Major products introduced in the last five years accounted for fully one-third of our sales in 1999 and had a combined growth rate of 41 percent during the year.
We want to be sure that our leadership team is in the best position to help people throughout the company deliver for the customer now and in the future. John's new role is an important step in making that happen.
With nearly two months of Prozac sales data available, the erosion in prescriptions is the most severe ever for a blockbuster product in our industry.
That means up to 10 products that will be launched between 2001 and 2004, which will help us weather the storm.
Our overall growth for the next several quarters will be generated from newer product sales, line extensions of existing products and recent product launches, ... As a result, we will rely less on Prozac sales growth.
Now that we've done all this, our destiny is in our hands. It's up to us to perform. This new structure will help us better execute our strategy.
We're going to be saving hundreds of thousands of lives with this product.
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