Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from Amit Bhalla of Citigroup. Please proceed.
Amit Bhalla - Citigroup
I wanted to start on the pharma business. The performance was strong across the board. And I wanted to see if you could comment on the pricing trends and wholesaler stocking levels in the market, and if there was any benefit in the quarter?
Kevin Buehler
Sure. I think there are two trends that we really wanted to highlight. One is that when you look at the US specifically, we are continuing to see improvement in Rx category trends, especially in the chronic areas related to glaucoma. I think our growth is very representative of what our factory shipments were in the glaucoma area.
The one area that I would say had the potential for inventory adjustment was related to seasonal areas, allergy and otic. For the most part, we benefited in allergy because of an extension of the season, which in effect used up the inventory position in Q3. That was not the case with otic. It was a relatively mild season. And when you look at it, the inventory build anticipating the season probably overshot the actual demand by a little bit, but that would be the only area where I saw impact from inventory.
Amit Bhalla - Citigroup
What about pricing?
Kevin Buehler
Pricing, clearly we have seen a mix. If I think about it globally, we've seen markets where we've been challenged as it relates to pricing and rebates. Obviously, in the US, we're in a position where we did take a price increase, a second price increase, in 2009, and obviously that does benefit us in some cases. In other cases, where we've got managed plans, obviously, it increases our rebate levels. Rick can speak to price in general.
Rick Croarkin
Yes. Overall, we got price in the quarter. In the US, we had about 1.6% of price in the quarter. Typically, in international, we're breakeven on price, and we were roughly at that in the quarter as well.
Amit Bhalla - Citigroup
And just my follow-up is on the BRIC countries. Could you comment on how you see the continued investments and the market development efforts impacting the operating margin going forward?
Kevin Buehler
Sure. I think, first, we've got to look at the opportunity for the BRIC market. As we've said consistently, we see those markets as having significant upside for us to execute our strategy, first starting with the cataract business and then bringing behind it the pharmaceutical and consumer products area.
- To read the full transcript on Seeking Alpha, click here »
