ViroPharma reports 1Q loss on costs, charges

Biotechnology company ViroPharma Inc. said Wednesday it posted a loss in the first quarter because of higher costs and continuing charges for the 2008 buyout of Lev Pharmaceuticals.

The company lost $59.2 million, or 77 cent per share, compared with a profit of $16.4 million, or 22 cents per share, during the same period a year prior. Revenue rose 18 percent to $60.2 million from $50.9 million.

ViroPharma said its profit adjusted for its various charges, which include Lev Pharmaceutical buyout costs, stock compensation costs, and a goodwill writeoff, amounted to $11.6 million. However, the company did not provide an adjusted earnings-per-share figure.

Analysts polled by Thomson Reuters expected profit of 16 cents per share, on revenue of $65 million.

The revenue is a combination of Vancocin and Cinryze sales, which the company did not separate in its earning statement. Vancocin is a treatment for gastrointestinal infection. Cinryze is a routine preventative for angioedema attacks in adolescents and adults and was obtained when the company bought Lev Pharmaceuticals.

Looking ahead, reaffirmed its forecast for product sales between $250 million and $270 million, while analysts expect revenue of $250.9 million.

Shares of ViroPharma added 1 cent to $5.28 in midday trading.