VIVUS Reports Third Quarter 2014 Financial Results
"While the obesity market develops, we are encouraged by an improving reimbursement environment for Qsymia, increasing net revenue per prescription, and feedback from clinicians who emphasize that our product delivers on the promise of clinically significant weight loss," said
Seth continued: "Additionally, we were pleased to announce in
"Finally, the control of our operating expenses remains a key area of focus, and we continue to make good progress in this regard," Seth added.
Third Quarter 2014 Financial Results
Total net revenue was
Total research and development expense was
Total selling, general and administrative expense was
Inventory impairment and other non-recurring charges were
Net loss was
There were approximately 140,000 Qsymia prescriptions dispensed in the third quarter of 2014, compared to 138,000 prescriptions in the second quarter of 2014 and 109,000 in the third quarter of 2013.
Cash, cash equivalents and available-for-sale securities (collectively cash) totaled
August 25, 2014, we announced the acquisition of a group of patents from Janssen Pharmaceuticals, Inc.covering uses of topiramate as monotherapy and in combination with other pharmaceutical agents to treat a variety of medical conditions.
September 18, 2014, together with Auxilium Pharmaceuticals, Inc., we announced that the U.S. Food and Drug Administration(FDA) had approved a supplemental new drug application (sNDA) for STENDRA® (avanafil). STENDRA is now the only FDA-approved erectile dysfunction (ED) medication indicated to be taken as early as approximately 15 minutes before sexual activity.
Note to Investors
As previously announced,
Qsymia® is approved in the U.S. and is indicated as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in adults with an initial body mass index (BMI) of 30 kg/m2 or greater (obese) or 27 kg/m2 or greater (overweight) in the presence of at least one weight-related medical condition such as high blood pressure, type 2 diabetes, or high cholesterol.
The effect of Qsymia on cardiovascular morbidity and mortality has not been established. The safety and effectiveness of Qsymia in combination with other products intended for weight loss, including prescription and over-the-counter drugs, and herbal preparations, have not been established.
Important Safety Information
Qsymia® (phentermine and topiramate extended-release) capsules CIV is contraindicated in pregnancy; in patients with glaucoma; in hyperthyroidism; in patients receiving treatment or within 14 days following treatment with monoamine oxidase inhibitors (MAOIs); or in patients with hypersensitivity to sympathomimetic amines, topiramate, or any of the inactive ingredients in Qsymia.
Qsymia can cause fetal harm. Females of reproductive potential should have a negative pregnancy test before treatment and monthly thereafter and use effective contraception consistently during Qsymia therapy. If a patient becomes pregnant while taking Qsymia, treatment should be discontinued immediately, and the patient should be informed of the potential hazard to the fetus.
The most commonly observed side effects in controlled clinical studies, 5% or greater and at least 1.5 times placebo, include paraesthesia, dizziness, dysgeusia, insomnia, constipation, and dry mouth.
STENDRA® (avanafil) is approved in the U.S. by the
SPEDRA™, the trade name for avanafil in the EU, is approved by the
Avanafil is licensed from Mitsubishi Tanabe Pharma Corporation (MTPC).
For more information about STENDRA, please visit www.Stendra.com.
Important Safety Information
STENDRA® (avanafil) is prescribed to treat erectile dysfunction (ED).
Do not take STENDRA if you take nitrates, often prescribed for chest pain, as this may cause a sudden, unsafe drop in blood pressure.
Discuss your general health status with your healthcare provider to ensure that you are healthy enough to engage in sexual activity. If you experience chest pain, nausea, or any other discomforts during sex, seek immediate medical help.
STENDRA may affect the way other medicines work. Tell your healthcare provider if you take any of the following; medicines called HIV protease inhibitors, such as ritonavir (Norvir®), indinavir (Crixivan®), saquinavir (Fortavase® or Invirase®) or atazanavir (Reyataz®); some types of oral antifungal medicines, such as ketoconazole (Nizoral®), and itraconazole (Sporanox®); or some types of antibiotics, such as clarithromycin (Biaxin®), telithromycin (Ketek®), or erythromycin.
In the rare event of an erection lasting more than 4 hours, seek immediate medical help to avoid long-term injury.
In rare instances, men taking PDE5 inhibitors (oral erectile dysfunction medicines, including STENDRA) reported a sudden decrease or loss of vision. It is not possible to determine whether these events are related directly to these medicines or to other factors. If you experience sudden decrease or loss of vision, stop taking PDE5 inhibitors, including STENDRA, and call a doctor right away.
Sudden decrease or loss of hearing has been rarely reported in people taking PDE5 inhibitors, including STENDRA. It is not possible to determine whether these events are related directly to the PDE5 inhibitors or to other factors. If you experience sudden decrease or loss of hearing, stop taking STENDRA and contact a doctor right away. If you have prostate problems or high blood pressure for which you take medicines called alpha blockers or other anti-hypertensives, your doctor may start you on a lower dose of STENDRA.
Drinking too much alcohol when taking STENDRA may lead to headache, dizziness, and lower blood pressure.
STENDRA in combination with other treatments for ED is not recommended.
STENDRA does not protect against sexually transmitted diseases, including HIV.
The most common side effects of STENDRA are headache, flushing, runny nose and congestion.
Please see full patient prescribing information for STENDRA (50 mg, 100 mg, 200 mg) tablets.
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks, uncertainties and other factors, including risks and uncertainties related to the development of the obesity market and the success of Qsymia as a treatment option, as well as an improving reimbursement environment for Qsymia, increasing net revenue per prescription and feedback from clinicians who emphasize that our product delivers on the promise of clinically significant weight loss; and risks and uncertainties related to the STENDRA label expansion and its effect on patients and healthcare providers, including the success of STENDRA as a treatment option. These risks and uncertainties could cause actual results to differ materially from those referred to in these forward-looking statements. The reader is cautioned
not to rely on these forward-looking statements. Investors should read the risk factors set forth in
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(In thousands, except per share data)|
|Three Months Ended||Nine Months Ended|
|Net product revenue||$||12,454||$||6,379||$||32,575||$||16,025|
|License and milestone revenue||15,070||21,000||38,614||21,000|
|Cost of goods sold||7,268||741||23,816||1,703|
|Research and development||2,574||8,405||11,083||24,683|
|Selling, general and administrative||27,828||38,167||84,703||121,666|
|Inventory impairment and other non-recurring charges||4,119||20,743||6,173||34,892|
|Total operating expenses||41,789||68,056||125,775||182,944|
|Loss from operations||(7,912||)||(40,677||)||(33,326||)||(145,919||)|
|Total interest expense and other expense (income), net||8,135||7,669||24,534||11,817|
|Loss from continuing operations before income taxes||(16,047||)||(48,346||)||(57,860||)||(157,736||)|
|Provision for (benefit from) income taxes||(222||)||33||(660||)||46|
|Loss from continuing operations||(15,825||)||(48,379||)||(57,200||)||(157,782||)|
|Income from discontinued operations, net of tax||-||175||-||490|
|Basic and diluted net loss per share:|
|Net loss per share||$||(0.15||)||$||(0.48||)||$||(0.55||)||$||(1.56||)|
|Shares used in per share computation:|
|Basic and diluted||103,477||100,904||103,373||100,769|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|Cash and cash equivalents||$||83,163||$||103,262|
|Accounts receivable, net||27,099||12,214|
|Prepaid expenses and other assets||10,383||19,938|
|Total current assets||382,460||423,941|
|Property and equipment, net||1,506||1,954|
|Accrued and other liabilities||29,264||23,993|
|Total current liabilities||57,742||52,007|
|Long-term debt, net of current portion||217,110||213,106|
|Deferred revenue, net of current portion||9,466||10,360|
|Non-current accrued and other liabilities||1,553||2,954|
|Commitments and contingencies||-||-|
|Common stock and additional paid-in capital||823,656||813,905|
|Accumulated other comprehensive income||98||66|
|Total stockholders' equity||105,952||153,369|
|Total liabilities and stockholders' equity||$||391,823||$||431,796|
|* The Condensed Consolidated Balance Sheet at
Corporate Development & Investor Relations
Senior Vice President
News Provided by Acquire Media