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Biotech / Medical : InterMune (nasdaq)ITMN
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From: Savant5/13/2014 2:35:17 AM
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InterMune beats by $0.04, beats on revs; raises FY14 revs in-line with CapIQ consensus
Reports Q1 (Mar) loss of $0.59 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.63); revenues rose 188.6% year/year to $30.3 mln vs the $28.12 mln consensus.
  • Commentary: "Our commercial momentum continues, with sequential quarterly revenue growth of 18% in the first quarter of 2014 -- one of the few quarters in which Esbriet was not launched in a new country since the initial launch in September 2011. Based on our solid first quarter results, we today raised our 2014 revenue guidance to a range of $130-$140 million. This represents potential growth of approximately 85-100% from Esbriet revenue of $70.3 million in 2013. With the April 1 approval of pricing and reimbursement in the Netherlands, Esbriet is now reimbursed and launched in 14 of our original 15 top-priority markets in Europe."
  • Guidance: Co raises guidance for FY14, sees FY14 Esbriet revs of $130-$140 mln vs. $137.18 mln Capital IQ Consensus Estimate. The new range represents potential growth in 2014 of approximately 85-100% from Esbriet revenue of $70.3 million in 2013. The company anticipates the impact on Esbriet revenue in the EU due to the positive ASCEND results announced in late February 2014 to be partially observed in the fourth quarter of 2014, and not meaningfully until 2015 when the European prescribing information is amended to reflect the ASCEND-related data, which is expected to occur around the end of 2014.

    Company continues to expect 2014 R&D expense of $110-$120 mln, SG&A expense of $210-$225 mln, and total operating expenses of $320-$345 mln.
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