InterMune – ITMN – Results from operations for the second quarter and six months ended June 30, 2012
InterMune, Inc. (NASDAQ: ITMN) announced results from operations for the second quarter and six months ended June 30, 2012. InterMune also reported a successful and early conclusion of negotiations for the reimbursement price of Esbriet® (pirfenidone) in Germany. Effective September 15, 2012, the net ex-factory Esbriet price in Germany will be 26,999 €, or approximately $33,000 per patient per year, representing an approximate 10% discount from the current price.
InterMune reported Esbriet net revenue in the second quarter of 2012 of $5.5 million, an increase of 13 percent from $4.9 million in the first quarter of 2012. The initial commercial launch of Esbriet was in Germany in September 2011. Esbriet is InterMune’s product marketed in Europe for adults with mild-to-moderate idiopathic pulmonary fibrosis (IPF), a chronic and ultimately fatal disease of the lungs.
Dan Welch, Chairman, Chief Executive Officer and President of InterMune said, “We are very pleased to have negotiated with the German authorities a strong price for Esbriet, the first orphan drug that has undergone pricing and reimbursement review under Germany’s new AMNOG law. The conclusion of this favorable pricing and reimbursement negotiation brings welcome clarity and confidence to German physicians regarding the reimbursement status of Esbriet.
“Esbriet continues to be one of the most successful orphan product launches in Germany, achieving revenues and new patient starts consistent with the best of these launches after nine months of marketing,” Mr. Welch continued. “Esbriet is on track to become the drug of choice among pulmonologists in Germany who care for IPF patients, and has begun displacing so-called triple combination therapy. We believe that in addition to the positive news announced today regarding the pricing and reimbursement of Esbriet in Germany, favorable market conditions for Esbriet exist that will support the continued growth of Esbriet revenues in Germany.”
ITMN – Guidance for 2012 Revenue and Expenses
ITMN provided forward-looking guidance for Esbriet revenue in 2012, and reiterated its operating expense guidance for 2012, provided on June 20, 2012:
- Esbriet revenue: currently anticipated to be in a range of $20 to $25 million. The lower end of the range assumes no Esbriet launches in France, Spain or Italy in 2012. The upper end of the range assumes launches in all of these countries in the fourth quarter of 2012.
- R&D expense: currently anticipated to be in a range of $90 to $105 million.
- SG&A expense: currently anticipated to be in a range of $110 to $130 million.
- Total Operating Expenses (R&D and SG&A): currently anticipated to be in a range of $200 to $235 million.
About InterMune – ITMN
InterMune (ITMN) is a biotechnology company focused on the research, development and commercialization of innovative therapies in pulmonology and orphan fibrotic diseases.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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