ViroPharma Inc. (VPHM) reported a net income of 7 cents in the third quarter of 2013, beating the Zacks Consensus Estimate by a penny. The company reported a loss of 3 cents per share in the year-ago quarter.
Quarterly revenues increased 24.2% year over year to $113.1 million, in line with the Zacks Consensus Estimate. The year-over-year growth in revenues was fuelled by strong growth of Cinryze in the U.S.
Quarterly Highlights
Cinryze sales increased 25% from the prior-year quarter to $107.0 million during the third quarter of 2013, driven by higher patient demand. Net sales in the US grew by 22% to $102.2 million. Sales from Europe came in at $10 million.
Research and development (R&D) expenses increased 9.3% during the quarter to $18.1 million.
Selling, general and administrative (SG&A) expenses amounted to $45.5 million, up 2.7% year over year.
2013 Outlook Updated
ViroPharma updated its guidance for 2013. The company now expects net product sales in the range of $445 million $465 million compared to the previous estimate of $440 million - $465 million. The Zacks Consensus Estimate of $446 million is towards the lower end of the companys guidance range.
The company now projects Cinryze sales of $395-$405 million in North America, up from the earlier projection of $390$400 million. ViroPharma continues to expect combined R&D and SG&A expenses in the range of $240 $260 million.
Pipeline Update
Read the original here:
ViroPharma Beats by a Penny