) third quarter 2013 loss of a cent per share was narrower than
the Zacks Consensus Estimate of a loss of 2 cents. The company
reported a loss of 4 cents per share.
Revenues in the third quarter of 2013 climbed 45% to $39 million.
The increase was primarily due to the contribution from Gattex,
which was absent a year ago. Revenues narrowly beat the Zacks
Consensus Estimate of $38 million.
NPS Pharma launched Gattex, its sole marketed product, in the
U.S. in Feb 2013, following approval by the U.S. Food and Drug
Administration (FDA) in Dec 2012. The drug was cleared for
treating adults with short bowel syndrome, dependent on
parenteral support. The drug was cleared in the EU in 2012
(European trade name: Revestive).
Gattex sales in the reported quarter were $11 million. Royalty
revenues in the quarter stood at $28.1 million. The company
stated that as of Nov 1 235 patients were undergoing Gattex
therapy and 452 prescriptions were received.
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Research and development expenses increased marginally to $18.8
million in the third quarter of 2013. General and administrative
expenses jumped to $17.6 million in the third quarter of 2013
from $8.3 million a year ago. The massive increase was due to
costs pertaining to Gattex's U.S. launch.
NPS Pharma is also developing Natpara (rhPTH [1-84]) for the
treatment of adult hypoparathyroidism. The company submitted a
Biologic License Application to the FDA for the drug last month.
Gattex/ Revestive Sales Forecast Disappoints
NPS Pharma made a modest increase in its 2013 sales forecast for
Gattex/ Revestive. The company now expects 2013 sales of the drug
in the range of $28 - $32 million (old guidance: $25-$30
million). The modest increase in guidance failed to please
investors. Consequently, shares of the company fell approximately
15% following the news.
NPS Pharma carries a Zacks Rank #2 (Buy). Companies such as
AMAG Pharmaceuticals, Inc
) currently look more attractive. All 3 stocks carry a Zacks Rank
#1 (Strong Buy).