Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Despite Esbriet Sales Nearly Tripling, InterMune's Loss Widens by 7%

Momentum is building for biopharmaceutical mid-cap InterMune (NASDAQ: ITMN  ) , which reported strong year-over-year sales gains in the first quarter for lead drug Esbriet, a treatment for idiopathic pulmonary fibrosis.

For the quarter, InterMune reported a 188% year-over-year increase in Esbriet sales, to $30.3 million from $10.5 million in the year-ago period. Furthermore, this was an 18% sequential increase from the $25.7 million in revenue recorded in the fourth quarter, as InterMune notes that its IPF therapy is now launched and reimbursable in 14 of its 15 top-priority European markets.

Investors need to know that InterMune is planning to resubmit its application for pirfenidone, the scientific name for Esbriet, with the Food and Drug Administration in the U.S. early in the third-quarter. With its new drug application being a class 2 resubmission, it anticipates a review process of just six months. If all goes well, InterMune anticipates a drug launch in the U.S. during the second quarter.

Research and development expenses rose 24% during the quarter, to $32.1 million, reflecting the higher costs associated with its ASCEND phase 3 trial and activities related to its preparation for a new drug application in the U.S. Selling, general, and administrative expenses also jumped 48%, to $44.3 million, which InterMune primarily attributed to pre-launch preparations in the U.S.

Net loss for the quarter widened 7%, to $53.6 million, from the year-prior period, but fell on an EPS basis due to more shares outstanding, to $0.59 from $0.64 in Q1 2013.

Looking ahead, InterMune boosted its full-year revenue forecast for Esbriet to a range of $130 million to $140 million, an 85%-100% increase from the $70.3 million in reported sales in 2013. InterMune kept its R&D and SG&A forecasts unchanged at $110 million-$120 million and $210 million-$225 million, respectively.

Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2940416, ~/Articles/ArticleHandler.aspx, 9/1/2015 12:07:04 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Sean Williams

A Fool since 2010, and a graduate from UC San Diego with a B.A. in Economics, Sean specializes in the healthcare sector and in investment planning topics. You'll usually find him writing about Obamacare, marijuana, developing drugs, diagnostics, and medical devices, Social Security, taxes, or any number of other macroeconomic issues.

Today's Market

updated 2 hours ago Sponsored by:
DOW 16,528.03 -114.98 -0.69%
S&P 500 1,972.18 -16.69 -0.84%
NASD 4,776.51 -51.82 -1.07%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

12/31/1969 7:00 PM
ITMN $0.00 Down +0.00 +0.00%
InterMune CAPS Rating: **