Fiscal Q4 Financial Analysis
1) Quarter-over-quarter, R&D increased 93.2% from $31,859 to $61,544. In other words, R&D less contract income ate about $1.04 post tax EPS for the quarter. R&D builds the pipeline.
2) Quarter-over-quarter, Viracept US revenues increased from $92,806,000 to $105,633,000 , or 13%. Annualized for the quarter, sales increased 163%.
3) Quarter-over-quarter, European revenues increased from $19,144,00 to $20,413,000, or 7%. The relatively slower increase could be a result of inventory build-up in the prior quarter.
4) Inventories, which the bears have been following, increased about 12.5% basically in line with total Viracept sales of 12.6%. In the pharmaceutical industry, inventory levels may not be the best leading indicator of future sales (IMHO). |
