Shares of NPS Pharmaceuticals (NPSP -21.7%) are sharply lower in morning trading on the heels of the company's Q3 report.
Q3 Gattex sales: $11M (versus $4.8M in Q2). 235 patients on therapy.
Royalty revenues: $28.1M.
R&D spend: $18.8M (versus $18M in Q3 2012).
The U.S. launch of Gattex results in a 112% increase in SG&A.
Outlook: FY13 Gattex/Revestive net sales of $28-32M (versus previous guidance of $25-30M). Patients on therapy guidance is unchanged at 275-325. NPSP says that as of 2014, it will "no longer report the number of prescriptions and the number of patients on Gattex/Revestive in connection with its quarterly financial results." Opex still seen at $140-150M. (PR)
NPS Pharmaceuticals (NPSP) reports a wider than expected Q2 loss, but revenues came in above analyst estimates.
U.S. launch of Gattex accelerating with net product sales of $4.8M for the quarter.
The company now expects to achieve global Gattex/Revestive sales of $25M to $30M in 2013 with 275 to 325 patients on therapy by the end of the year.
Says it's preparing to engage in the pricing and reimbursement processes in key European countries with the goal of commercially launching Revestive in Europe in the first half of 2014.
With an estimated 6K to 12K patients eligible for treatment in targeted ex-U.S. countries, the company believes the international peak annual sales opportunity for Revestive is greater than that of Gattex in the U.S.
NPS Pharmaceuticals (NPSP +5.2%) moves up today after its Q1 bottom line comes in better than Street estimates. Net losses on a per share basis were 25% lower than the prior year on higher royalty revenue and the company begins to see its rollout of Gattex take hold. It comfirms financial guidance for 2013, and says it continues to expect its operating expenses to be between $135M and $145M.