A: This is how it's all began:
"Purdue Pharma L.P. today announced that the company's Board of Directors has appointed Mark Timney as President and Chief Executive Officer.
"We found a proven leader in Mark Timney," said Dr. Raymond Sackler, co-founder and board member of Purdue. "I am confident that his capabilities and experience, coupled with Purdue's culture of excellence, will grow our business and strengthen our healthcare industry leadership." Mark brings more than 20 years of pharmaceutical sales and marketing experience to Purdue, including success in designing and executing strategies to achieve market leadership. Prior to joining Purdue, he was President of Merck US, where he managed Sales & Marketing, Managed Markets, and Payers. With Mark's guidance, Purdue will continue advancing breakthrough research and development initiatives and pioneering new commercial models.
"I'm honored to begin this new journey at Purdue Pharma, the industry leader in developing innovative medicines to relieve the burden of pain," said Mark Timney. "I look forward to working with Purdue's exceptional colleagues to achieve long-term success by broadening our pain management portfolio." During Mark's tenure in the US market, he achieved a record of strong financial growth; launched several key products; led transformational business development; and played a key role in pipeline governance.
Before coming to the United States, Mark served for seven years as Merck's Country Manager in Korea and then Japan. Prior to that, he held leadership positions for more than four years at Merck Australia.
Before joining Merck, he spent eight years in sales and marketing at a number of multinational pharmaceutical companies, including Zeneca in New Zealand, ICI Pharmaceuticals in Australia, and Roussel Labs in the United Kingdom.
Mark Timney succeeds John Stewart, who has retired from Purdue."
Hail Caesar! After all those town halls when we heard that Purdue is in growth mode and future is bright… You guy keep on dreaming while I look for another job because everything is an opportunity! So long suckers! Pint of hypocrisy anyone?
BTW, MK won’t stay here long either. According to LinkedIn he alternates approx. 2 years and then 5 years with the companies. He’s in short cycle now: 6-12 months left.
Stock would've been downgraded today to "RUN" if it was a public company. Here's why:
1. Three top executives left the company or demoted within 3 months (CEO/COO/VP Sales) = no confidence in the future of the company and poor performance
2. VP of Sales and Marketing Director run by the same person = saving $
3. Many functions including legal were outsourced starting 2017 = saving $? I'm not so sure...
4. Buying "me too" constipation drug with just one indication and hoping to accomplish what AZ and Sankyo couldn't. Purdue has tiny sales force (share of voice) compares to them. What happened to marketing rule: it's a numbers game? No MC coverage and no way Purdue can AZ while negotiating with HMO's. = lost $
5. Lastly, there are ongoing litigation in dozen of states. They might win them all or settle. In any case, it will cost a lot of money. It will be a catastrophe if they lose just one lawsuit.
Couple of years ago one US company announced right after they won 2 out of 42 lawsuits against them that they have no choice but to shut down the company because fighting further will bankrupt the company by the time they win them all.
Mad Money would've said: SELL, SELL, and SELL. It’s one pony show and it’s over. They might, as well, put a billboard next to HQ in Stamford: FIRE SALE!!!
There’s no prosperous financial future for Purdue because over 90% of their revenue comes from one drug with negative annual goal of 6%. Moreover, it's in the declining market that will be a shadow of what it was in 5 short years.
So what are the options? Nobody would buy this company because it’s riding on one drug and it’s a small vitamin company without it. They may not be able to sell the company but they definitely can sell the drugs and lease the sales force. That's I would do.
Z: This is what Merck reps wrote when MT left: no tears...
http://www.cafepharma.com/boards/threads/bye-bye-mark-timney.546572/page-3
Scroll down to the letter announcing layoffs while you there. It might ring the bell. Copy and paste?
"Purdue Pharma L.P. today announced that the company's Board of Directors has appointed Mark Timney as President and Chief Executive Officer.
"We found a proven leader in Mark Timney," said Dr. Raymond Sackler, co-founder and board member of Purdue. "I am confident that his capabilities and experience, coupled with Purdue's culture of excellence, will grow our business and strengthen our healthcare industry leadership." Mark brings more than 20 years of pharmaceutical sales and marketing experience to Purdue, including success in designing and executing strategies to achieve market leadership. Prior to joining Purdue, he was President of Merck US, where he managed Sales & Marketing, Managed Markets, and Payers. With Mark's guidance, Purdue will continue advancing breakthrough research and development initiatives and pioneering new commercial models.
"I'm honored to begin this new journey at Purdue Pharma, the industry leader in developing innovative medicines to relieve the burden of pain," said Mark Timney. "I look forward to working with Purdue's exceptional colleagues to achieve long-term success by broadening our pain management portfolio." During Mark's tenure in the US market, he achieved a record of strong financial growth; launched several key products; led transformational business development; and played a key role in pipeline governance.
Before coming to the United States, Mark served for seven years as Merck's Country Manager in Korea and then Japan. Prior to that, he held leadership positions for more than four years at Merck Australia.
Before joining Merck, he spent eight years in sales and marketing at a number of multinational pharmaceutical companies, including Zeneca in New Zealand, ICI Pharmaceuticals in Australia, and Roussel Labs in the United Kingdom.
Mark Timney succeeds John Stewart, who has retired from Purdue."
Hail Caesar! After all those town halls when we heard that Purdue is in growth mode and future is bright… You guy keep on dreaming while I look for another job because everything is an opportunity! So long suckers! Pint of hypocrisy anyone?
BTW, MK won’t stay here long either. According to LinkedIn he alternates approx. 2 years and then 5 years with the companies. He’s in short cycle now: 6-12 months left.
Stock would've been downgraded today to "RUN" if it was a public company. Here's why:
1. Three top executives left the company or demoted within 3 months (CEO/COO/VP Sales) = no confidence in the future of the company and poor performance
2. VP of Sales and Marketing Director run by the same person = saving $
3. Many functions including legal were outsourced starting 2017 = saving $? I'm not so sure...
4. Buying "me too" constipation drug with just one indication and hoping to accomplish what AZ and Sankyo couldn't. Purdue has tiny sales force (share of voice) compares to them. What happened to marketing rule: it's a numbers game? No MC coverage and no way Purdue can AZ while negotiating with HMO's. = lost $
5. Lastly, there are ongoing litigation in dozen of states. They might win them all or settle. In any case, it will cost a lot of money. It will be a catastrophe if they lose just one lawsuit.
Couple of years ago one US company announced right after they won 2 out of 42 lawsuits against them that they have no choice but to shut down the company because fighting further will bankrupt the company by the time they win them all.
Mad Money would've said: SELL, SELL, and SELL. It’s one pony show and it’s over. They might, as well, put a billboard next to HQ in Stamford: FIRE SALE!!!
There’s no prosperous financial future for Purdue because over 90% of their revenue comes from one drug with negative annual goal of 6%. Moreover, it's in the declining market that will be a shadow of what it was in 5 short years.
So what are the options? Nobody would buy this company because it’s riding on one drug and it’s a small vitamin company without it. They may not be able to sell the company but they definitely can sell the drugs and lease the sales force. That's I would do.
Z: This is what Merck reps wrote when MT left: no tears...
http://www.cafepharma.com/boards/threads/bye-bye-mark-timney.546572/page-3
Scroll down to the letter announcing layoffs while you there. It might ring the bell. Copy and paste?