BDY Prescription Data & Performance (page 2)

May 17, 2004
(Week Ended May 7)

Bradley Pharmaceuticals, Inc.: Carmol Prescriptions Fall 38% as Total Company Sales Grow 14%

Dollar sales of all Bradley products grew 14% in the week ended May 7, compared to 12% growth the prior week. We expect Bradley’s 2004 sales to grow 20% to $89.3 million

Total prescriptions for Bradley’s Carmol line of damaged-skin treatments declined 38% in the week ended May 7, compared to a 40% decline the prior week. Dollar sales of the products decreased 31%, compared with a 33% decrease the previous week. We expect Carmol sales to decline 25% in the second quarter of 2004, compared to 1.4% growth in the first quarter.

Risks for Bradley include increased competition. Competitors are introducing copies of one of Bradley's Carmol skin products. Urea drugs similar to Carmol sold by Hi-Tech, River’s Edge, and Stiefel Labs had about 8,140 prescriptions in the week ended May 7, compared to about 7,900 prescriptions the prior week.

The market for urea-based prescription skin softeners continues to grow. Total prescriptions for Carmol and four other urea-based drugs grew 33% in the week ended May 7, compared to 28% growth the prior week.

Sales of new drugs are offsetting increased Carmol competition. Dollar sales of Bradley’s newly launched products Rosula for acne and AnaMantle for hemorrhoids are annualizing at $18.7 million after launching in January 2003, compared with an annualized rate of $17.9 million the prior week. We expect 2004 Rosula and AnaMantle sales of $21.0 million, compared to 2003 sales of $10.4 million.

Bradley launched Zoderm, its new topical acne drug, in early March. NDC Health reported 1,393 Zoderm prescriptions for the week ended May 7, compared to 1,196 the prior week. We expect second quarter Zoderm sales of $1.0 million and 2004 sales of $9.2 million.

                                                                                                                     (© Raymond James, Inc.)

May 10, 2004
(Week Ended April 30)

Bradley Pharmaceuticals, Inc.: Carmol Prescriptions Fall 40% as Total Company Sales Grow 12%

Dollar sales of all Bradley products grew 12% in the week ended April 30, compared to 19% growth the prior week. We expect Bradley’s 2004 sales to grow 20% to $89.3 million

Total prescriptions for Bradley’s Carmol line of damaged-skin treatments declined 40% in the week ended April 30, compared to a 32% decline the prior week. Dollar sales of the products decreased 33%, compared with a 26% decrease the previous week. We expect Carmol sales to decline 25% in the second quarter of 2004, compared to 1.4% growth in the first quarter.

Risks for Bradley include increased competition. Competitors are introducing copies of one of Bradley's Carmol skin products. Urea drugs similar to Carmol sold by Hi-Tech, River’s Edge, and Stiefel Labs had 7,919 prescriptions in the week ended April 30, compared to 7,496 prescriptions the prior week.

The market for urea-based prescription skin softeners continues to grow. Total prescriptions for Carmol and four other urea-based drugs grew 28% in the week ended April 30, compared to 38% growth the prior week.

Sales of new drugs are offsetting increased Carmol competition. Dollar sales of Bradley’s newly launched products Rosula for acne and AnaMantle for hemorrhoids are annualizing at $17.9 million after launching in January 2003, compared with an annualized rate of $17.1 million the prior week. We expect 2004 Rosula and AnaMantle sales of $21.0 million, compared to 2003 sales of $10.4 million.

Bradley launched Zoderm, its new topical acne drug, in early March. NDC Health reported 1,196 Zoderm prescriptions for the week ended April 30, compared to 1,119 the prior week. We expect second quarter Zoderm sales of $1.0 million and 2004 sales of $9.2 million.

                                                                                                                     (© Raymond James, Inc.)

May 3, 2004
(Week Ended April 23)

Bradley Pharmaceuticals, Inc.: Carmol Prescriptions Fall 32% as Total Company Sales Grow 19%

Dollar sales of all Bradley products grew 19% in the week ended April 23, compared to 19% growth the prior week. We expect Bradley’s 2004 sales to grow 20% to $89.3 million.

Total prescriptions for Bradley’s Carmol line of damaged-skin treatments declined 32% in the week ended April 23, compared to a 31% decline the prior week. Dollar sales of the products decreased 26%, compared with a 22% decrease the previous week. We expect Carmol sales to decline 25% in the second quarter of 2004, compared to 1.4% growth in the first quarter.

Risks for Bradley include increased competition. Competitors are introducing copies of one of Bradley's Carmol skin products. Urea drugs similar to Carmol sold by Hi-Tech, River’s Edge, and Stiefel Labs had 7,496 prescriptions in the week ended April 23, compared to 6,592 prescriptions the prior week.

The market for urea-based prescription skin softeners continues to grow. Total prescriptions for Carmol and four other urea-based drugs grew 38% in the week ended April 23, compared to 33% growth the prior week.

Sales of new drugs are offsetting increased Carmol competition. Dollar sales of Bradley’s newly launched products Rosula for acne and AnaMantle for hemorrhoids are annualizing at $17.5 million after launching in 3 January 2003, compared with an annualized rate of $17.1 million the prior week. We expect 2004 Rosula and AnaMantle sales of $21.0 million, compared to 2003 sales of $10.4 million.

Bradley launched Zoderm, its new topical acne drug, in early March. NDC Health reported 1,119 Zoderm prescriptions for the week ended April 23, compared to 1,082 the prior week. We expect second quarter Zoderm sales of $1.0 million and 2004 sales of $9.2 million.

                                                                                                                     (© Raymond James, Inc.)

April 29, 2004
(Q1 2004)

Bradley Pharmaceuticals, Inc.: First quarter earnings gained 40% to $0.35 per share

Bradley’s first quarter earnings gained 40% to $0.35 per share, surpassing our estimate of $0.31 and the Street consensus of $0.33. Revenue gained 68% to $25.1 million, exceeding our estimate of $21.6 million. The Street consensus was $24 million. Gross profit of $22.9 million exceeded our estimate of $19.7 million. Gross margin was 91.4% in the period, unchanged from the year-ago quarter. Selling, general and administrative expenses were $12.5 million, exceeding our estimate by $2.1 million.

Bradley’s press release didn’t provide total sales of Carmol prescription skin softeners, which we modeled at $7.8 million. The company did say that sales of Carmol 40, the majority of the Carmol franchise, were $7.3 million, but we don’t know sales of other Carmols such as Carmol Scalp and Carmol 20.

Growth in the quarter reflects launches of drugs last year including AnaMantle for hemorrhoids. It achieved first quarter sales of $1.87 million, compared with our estimate of $1.8 million. Initial sales of Zoderm, a prescription acne drug, were $4.7 million, compared with our estimate of $3.5 million.

We repeat a Strong Buy rating. Our price target of $37 assumes Bradley trades at 23 times estimated 2004 earnings of $1.22 per share plus cash of about $9.80 per share. Bradley shares are trading at about 23.8 times estimated 2004 earnings per share, compared to a peer group multiple of about 21.3 times. Adjusted for cash, Bradley’s P/E is about 17.

                                                                                                                     (© Raymond James, Inc.)

April 19, 2004
(March 2004)

Bradley Pharmaceuticals, Inc.: Carmol Sales Fall 17% as Total Company Sales Grow 24%

Dollar sales of all Bradley products grew 24% in March, compared to 22% growth in February. We expect Bradley’s 2004 sales to grow 16% to $86.3 million.

Total prescriptions for Bradley’s Carmol line of damaged-skin treatments declined 26% in March, compared to a 21% decline in February. Dollar sales of the products decreased 17%, compared with a 13% decrease in February.

Risks for Bradley include increased competition. Competitors are introducing copies of one of Bradley's Carmol skin products. Urea drugs similar to Carmol sold by Hi-Tech, River’s Edge, and Stiefel Labs had about 33,000 prescriptions in March, compared to 27,000 prescriptions in February.

The market for urea-based prescription skin softeners continues to grow. Total prescriptions for Carmol and four other urea-based drugs grew 43% in March, compared to 41% growth in February.

Sales of new drugs are offsetting increased Carmol competition. Dollar sales of Bradley’s newly launched products Rosula for acne and AnaMantle for hemorrhoids are annualizing at $18.3 million after launching in January 2003, compared with an annualized rate of $15.2 million in February. We expect 2004 Rosula and AnaMantle sales of $19.9 million, compared to 2003 sales of $10.4 million.

Bradley launched Zoderm, its new topical acne drug, in early March. NDCHealth reported 1,913 initial Zoderm prescriptions for March. We expect first quarter Zoderm sales of $3.5 million and 2004 sales of $8.5 million.

                                                                                                                     (© Raymond James, Inc.)

April 12, 2004
(Week Ended April 2)

Bradley Pharmaceuticals, Inc.: Carmol Prescriptions Fall 32% as Total Company Sales Grow 17%

Dollar sales of all Bradley products grew 17% in the week ended April 2, compared to 19% growth the prior week. We expect Bradley’s 2004 sales to grow 16% to $86.3 million.

Total prescriptions for Bradley’s Carmol line of damaged-skin treatments declined 32% in the week ended April 2, compared to a 30% decline the prior week. Dollar sales of the products decreased 24%, compared with a 23% decrease the previous week. We expect Carmol sales to decline 1% in the first quarter of 2004, compared to 69% growth in 2003.

Risks for Bradley include increased competition. Competitors are introducing copies of one of Bradley's Carmol skin products. Urea drugs similar to Carmol sold by Hi-Tech, River’s Edge, and Stiefel Labs had 7,537 prescriptions in the week ended April 2, compared to 7,356 prescriptions the prior week.

The market for urea-based prescription skin softeners continues to grow. Total prescriptions for Carmol and four other urea-based drugs grew 37% in the week ended April 2, compared to 41% growth the prior week.

Sales of new drugs are offsetting increased Carmol competition. Dollar sales of Bradley’s newly launched products Rosula for acne and AnaMantle for hemorrhoids are annualizing at $17.1 million after launching in January 2003, compared with an annualized rate of $17.2 million the prior week. We expect 2004 Rosula and AnaMantle sales of $19.9 million, compared to 2003 sales of $10.4 million.

Bradley launched Zoderm, its new topical acne drug, in early March. NDC Health reported 905 Zoderm prescriptions for the week ended April 2, compared to 706 the prior week. We expect first quarter Zoderm sales of $3.5 million and 2004 sales of $8.5 million.

                                                                                                                     (© Raymond James, Inc.)

April 5, 2004
(Week Ended March 26)

Bradley Pharmaceuticals, Inc.: Carmol Prescriptions Fall 30% as Total Company Sales Grow 19%

Dollar sales of all Bradley products grew 19% in the week ended March 26, compared to 16% growth the prior week. We expect Bradley’s 2004 sales to grow 16% to $86.3 million.

Total prescriptions for Bradley’s Carmol line of damaged-skin treatments declined 30% in the week ended March 26, compared to a 32% decline the prior week. Dollar sales of the products decreased 23%, compared with a 25% decrease the previous week. We expect Carmol sales to decline 1% in the first quarter of 2004, compared to 69% growth in 2003.

Risks for Bradley include increased competition. Competitors are introducing copies of one of Bradley's Carmol skin products. Urea drugs similar to Carmol sold by Hi-Tech, River’s Edge, and Stiefel Labs had 7,356 prescriptions in the week ended March 26, compared to 7,098 prescriptions the prior week.

Market for urea-based prescription skin softeners continues to grow. Total prescriptions for Carmol and four other urea-based drugs grew 41% in the week ended March 26, compared to 35% growth the prior week.

Sales of new drugs are offsetting increased Carmol competition. Dollar sales of Bradley’s newly launched products Rosula for acne and AnaMantle for hemorrhoids are annualizing at $17.2 million after launching in January 2003, compared with an annualized rate of $17.6 million the prior week. We expect 2004 Rosula and AnaMantle sales of $19.9 million, compared to 2003 sales of $10.4 million.

Bradley launched Zoderm, its new topical acne drug, in early March. NDCHealth reported 706 Zoderm prescriptions for the week ended March 26, compared to 412 the prior week. We expect first quarter Zoderm sales of $3.5 million and 2004 sales of $8.5 million.

Bradley's acne drug, Zoderm, is achieving annualized sales of about $2.1 million after three weeks of reported data, according to our analysis of retail and mail-order numbers from NDC Health. By comparison, a rosacea drug launched last year, Rosula, needed 14 weeks to achieve such sales while AnaMantle needed 16 weeks. The success of Zoderm supports thesis that new drugs will help Bradley overcome increased competition for Carmol 40, a prescription skin softener. Its annualized sales peaked at about $40 million. Other drugs likely to contribute to Bradley's revenue this year include Flora-Q, a probiotic, and Keralac, a prescription skin softener. We've yet to add them to our model.

                                                                                                                     (© Raymond James, Inc.)

March 29, 2004
(Week Ended March 19)

Bradley Pharmaceuticals, Inc.: Carmol Prescriptions Fall 32% as Total Company Sales Grow 16%

Dollar sales of all Bradley products grew 16% in the week ended March 19, compared to 16% growth the prior week. We expect Bradley’s 2004 sales to grow 16% to $86.3 million

Total prescriptions for Bradley’s Carmol line of damaged-skin treatments declined 32% in the week ended March 19, compared to a 31% decline the prior week. Dollar sales of the products decreased 25%, compared with a 20% decrease the previous week. We expect Carmol sales to decline 1% in the first quarter of 2004, compared to 69% growth in 2003.

Risks for Bradley include increased competition. Competitors are introducing copies of one of Bradley's Carmol skin products. Urea drugs similar to Carmol sold by Hi-Tech, River’s Edge, and Stiefel Labs had 7,098 prescriptions in the week ended March 19, compared to 6,906 prescriptions the prior week.

Market for urea-based prescription skin softeners continues to grow. Total prescriptions for Carmol and four other urea-based drugs grew 35% in the week ended March 19, compared to 31% growth the prior week.

Sales of new drugs are offsetting increased Carmol competition. Dollar sales of Bradley’s newly launched products Rosula for acne and AnaMantle for hemorrhoids are annualizing at $17.6 million after launching in January 2003, compared with an annualized rate of $16.9 million the prior week. We expect 2004 Rosula and AnaMantle sales of $19.9 million, compared to 2003 sales of $10.4 million.

Bradley launched Zoderm, its new topical acne drug, in early March. NDC Health reported 412 Zoderm prescriptions for the week ended March 19, compared to 165 the prior week. We expect first quarter Zoderm sales of $3.5 million and 2004 sales of $8.5 million.

                                                                                                                     (© Raymond James, Inc.)

March 22, 2004
(Week Ended March 12)

Bradley Pharmaceuticals, Inc.: Carmol Prescriptions Fall 31% as Total Company Sales Grow 16%

Dollar sales of all Bradley products grew 16% in the week ended March 12, compared to 17% growth the prior week. We expect Bradley’s 2004 sales to grow 16% to $86.3 million.

Total prescriptions for Bradley’s Carmol line of damaged-skin treatments declined 31% in the week ended March 12, compared to a 29% decline the prior week. Dollar sales of the products decreased 20%, compared with a 20% decrease the previous week. We expect Carmol sales to decline 1% in the first quarter of 2004, compared to 69% growth in 2003.

Risks for Bradley include increased competition. Competitors are introducing copies of one of Bradley's Carmol skin products. Urea drugs similar to Carmol sold by Hi-Tech, River’s Edge, and Stiefel Labs had 6,906 prescriptions in the week ended March 12, compared to 7,165 prescriptions the prior week.

The market for urea-based prescription skin softeners continues to grow. Total prescriptions for Carmol and four other urea-based drugs grew 31% in the week ended March 12, compared to 36% growth the prior week.

Sales of new drugs are offsetting increased Carmol competition. Dollar sales of Bradley’s newly launched products Rosula for acne and AnaMantle for hemorrhoids are annualizing at $16.9 million after launching in January 2003, compared with an annualized rate of $16.8 million the prior week. We expect 2004 Rosula and AnaMantle sales of $19.9 million, compared to 2003 sales of $10.4 million.

Bradley launched Zoderm, its new topical acne drug, in early March. NDCHealth reported 165 Zoderm prescriptions for the week ended March 12, compared to one prescription the prior week. We expect first quarter Zoderm sales of $3.5 million and 2004 sales of $8.5 million.

                                                                                                                     (© Raymond James, Inc.)

March 15, 2004
(Week Ended March 5)

Bradley Pharmaceuticals, Inc.: Carmol Prescriptions Fall 29% as Total Company Sales Grow 17%

Dollar sales of all Bradley products grew 17% in the week ended March 5, compared to 18% growth the prior week. We expect Bradley’s 2004 sales to grow 16% to $86.3 million.

Total prescriptions for Bradley’s Carmol line of damaged-skin treatments declined 29% in the week ended March 5, compared to a 25% decline the prior week. Dollar sales of the products decreased 20%, compared with a 17% decrease the previous week. We expect Carmol sales growth to decline 1% in the first quarter of 2004, compared to 69% growth in 2003.

Competitors are introducing copies of one of Bradley's Carmol skin products. Urea drugs similar to Carmol sold by Hi-Tech, River’s Edge, and Stiefel Labs had 5,974 prescriptions in the week ended March 5, compared to 5,661 prescriptions the prior week.

The market for urea-based prescription skin softeners continues to grow. Total prescriptions for Carmol and four other urea-based drugs grew 36% in the week ended March 5, compared to 36% growth the prior week.

Sales of new drugs are offsetting increased Carmol competition. Dollar sales of Bradley’s newly launched products Rosula for acne and AnaMantle for hemorrhoids are annualizing at $16.8 million after launching in January 2003, compared with an annualized rate of $16.2 million the prior week. We expect 2004 Rosula and AnaMantle sales of $19.9 million, compared to 2003 sales of $10.4 million.

Bradley launched Zoderm, its new topical acne drug, in early March. NDC Health reported one initial Zoderm prescription for the week ended March 5, the drug’s first week on the market. We expect first quarter Zoderm sales of $3.5 million and 2004 sales of $8.5 million.

                                                                                                                     (© Raymond James, Inc.)