Cubist Pharmaceuticals Inc.
) unaudited net revenues for the fourth quarter of 2012 climbed
16% year over year to $245.9 million, driven by strong sales of
its antibiotic injection, Cubicin (daptomycin). Cubicin is
marketed in the US and several other markets for the treatment of
severe bacterial infections of the skin and bloodstream.
Fourth quarter 2012 revenues were in line with the Zacks
Consensus Estimate. Apart from revenues from Cubicin sales, total
revenue at Cubist Pharma comprises Entereg sales and service
revenues pertaining to the company's agreement with
Optimer Pharmaceuticals Inc
) to co-promote Dificid in the US for C. difficile acquired
Most of Cubicin sales in the final quarter of 2012 came from
the US market ($216 million, up 14%). Cubicin also fared well in
international markets with sales of the drug rising 34% to $14.5
Entereg, which became a part of Cubist Pharma's portfolio
following the December 2011 acquisition of Adolor Corporation,
delivered revenues of $10.9 million in the final quarter of 2012.
During the quarter, Cubist Pharma recognized $3.7 million as
service revenues pertaining to Dificid.
For full year 2012, total net revenue at Cubist Pharma climbed
23% to $926.4 million, again driven by strong Cubicin sales.
Revenues in 2012 were in line with the Zacks Consensus Estimate.
Cubicin fared well in the US (up 16% to $809.2 million) as well
as internationally (up 38% to $50.5 million). Entereg sales and
service revenues for 2012 were $40.2 million and $23.2 million,
respectively. Detailed fourth quarter and full year 2012 results
are scheduled on January 23, 2012.
Apart from announcing the sales figures, Cubist Pharma also
provided an update on its promising pipeline candidate CXA-201.
We note that CXA-201 is undergoing phase III studies for
complicated intra-abdominal infections and complicated urinary
tract infections caused by gram-negative bacterial
The biopharmaceutical company expects to report top-line data
from both the phase III studies in the second half of 2013.
Cubist Pharma intends to seek US approval for both indications
within approximately six months of reporting top line data from
We currently have a Neutral recommendation on Cubist Pharma.
The stock carries a Zacks #3 Rank (Hold rating) in the short run.
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