Cardiome Pharma Corp.
) reported fourth quarter 2012 earnings of 13 cents per share as
compared with the Zacks Consensus Estimate of a loss of 6 cents
and the year-ago loss of 10 cents per share. In the reported
quarter, net income included a $11.2 million gain on the
settlement of debt owed to
Merck & Co. Inc.
Fourth quarter revenues were $0.1 million, compared with $0.2
million in the year-ago quarter. Revenues missed the Zacks
Consensus Estimate of $1 million.
Full year 2012 net loss per share was 30 cents, narrower than
the Zacks Consensus Estimate of a loss of 42 cents and the
year-ago loss of 46 cents. Revenues in 2012 were $0.8 million,
down from $1.5 million in 2011 and well below the Zacks Consensus
Estimate of $2 million.
In early 2013, Cardiome paid back $13 million to Merck under
their settlement agreement. Earlier, in Apr 2009, Cardiome and
Merck had signed a collaboration and license agreement for
vernakalant. In late 2012, the companies had announced that their
agreement will come to an end.
In 2012, research and development expenses fell 60.5% year
over year to $6 million. The decrease was driven by reduced costs
for vernakalant (IV) as a result of the termination of the ACT 5
clinical trial and restructuring initiatives which eliminated
Cardiome's internal research activities.
Selling, general and administrative expenses fell 16.5% to
$9.6 million in 2012. Workforce reductions in 2012 caused a
decline in wages and benefits.
Both Cardiome and Merck carry a Zacks Rank #3 (Hold).
Currently, companies like
Lannett Company, Inc.
) look more attractive with a Zacks Rank #1 (Strong Buy).
CARDIOME PHARMA (CRME): Free Stock Analysis
LANNETT INC (LCI): Free Stock Analysis Report
MERCK & CO INC (MRK): Free Stock Analysis
QLT INC (QLTI): Free Stock Analysis Report
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