Spokane drugmaker announces contracts

North Spokane contract pharmaceutical manufacturer Jubilant HollisterStier has won about $90 million in new projects stretching over five years, the firm’s parent company announced.

The contracts involve production of sterile injectable medicines for four companies that sell to customers in the United States and Europe, according to a release from Jubilant Life Sciences, the India-based company that owns Jubilant HollisterStier.

Confidential agreements prevent disclosure of the names of the companies involved or the specific drugs to be produced in Spokane, said Shannon Jordan, a Jubilant HollisterStier spokeswoman.

The $90 million is an estimate based on past experience with contracts of this type, she added.

Jubilant HollisterStier, which has a separate division that produces allergy-treatment drugs, employs about 600 workers, including temporary employees.

Tom Sowa

New credit cards rise 14 percent last year

NEW YORK – More people opened new credit card accounts last year, as the banking industry began to loosen standards it tightened during the recession.

The number of new cards issued to consumers rose 14 percent in 2011 to about 42.3 million, according to data provided by TransUnion.

Associated Press

CEO Weldon to leave Johnson & Johnson

TRENTON, N.J. – Johnson & Johnson’s longtime CEO Bill Weldon is stepping down as the health care giant’s top executive after an embarrassing string of recalls of everything from Tylenol to Benadryl that has cost the company hundreds of millions of dollars and consumers’ trust.

The maker of Band-Aids and biotech drugs said Tuesday that Alex Gorsky, vice chairman and head of the company’s largest business by revenue, will become CEO on April 26, the day of its annual shareholder’s meeting.

Associated Press

Revenue gain modest at newer Wal-Marts

NEW YORK – Wal-Mart Stores Inc. said Tuesday that revenue at stores open at least a year at its U.S. namesake business rose 1.5 percent in the quarter, slightly below the 1.6 percent gain analysts polled by FactSet had expected. Overall, its U.S. business had a 2.1 percent increase in revenue at stores opened at least a year.

Net sales, excluding membership fees from its Sam’s Club division, rose 5.9 percent to $122.28 billion. Analysts had been expecting revenue of $123.9 billion.

Overall gross margin was 24.3 percent in the quarter, compared to 23.9 percent in the year-ago quarter.

Associated Press