InterMune takes bigger 3Q loss on Esbriet costs
InterMune Inc. reported a larger third-quarter loss Thursday is it ramped up spending during the commercial launch of its lung disease drug Esbriet.
The company said it lost $38.2 million, or 63 cents per share. In the third quarter of 2010 it took a loss of $24.3 million, or 44 cents per share.
Revenue slipped to $5.2 million from $5.7 million after a partnership between InterMune and Swiss drugmaker Roche ended, while selling, general and administrative costs more than doubled to $24 million from $10.9 million.
Analysts expected InterMune to report a loss of 72 cents per share on $5.1 million in revenue
Esbriet is a drug designed to treat a terminal lung disease called idiopathic pulmonary fibrosis, or IPF. IFP causes inflammation and scarring of the lung, making it harder for patients to breathe. InterMune began selling Esbriet in Germany in September, and it reported $118,000 in revenue.
It plans to start selling the drug in France, Spain, and Italy in the first six months of 2012 and the United Kingdom in the third quarter. InterMune said Esbriet will be on the market in most of the 10 biggest European Union pharmaceutical markets by the end of 2012. The drug has not been approved in the U.S.
Sales of Actimmune, an immune system disorder drug, rose to $5.1 million from $4.8 million. However, its revenue from collaborations fell after the partnership with Roche ended on June 30. InterMune reported $818,000 from that collaboration in the third quarter of 2010.
Shares of InterMune rose 3 cents to $25.01 on Thursday, and the stock was unchanged in aftermarket trading.