) gained 11.9% following the release of fourth quarter results on
Feb 26, 2014.
Sucampo reported earnings per share of 6 cents in the fourth
quarter of 2013. The Zacks Consensus Estimate for the quarter was
a loss of a penny. However, reported earnings were much below the
year-ago figure of 32 cents.
Revenues came in at $24.5 million, down 29.8% from the
year-ago quarter but above the Zacks Consensus Estimate of $23
Quarter in Detail
The decrease in fourth quarter revenues was due to the receipt
of a $15.0 million milestone payment in the fourth quarter of
2012 related to the launch of Amitiza in Japan.
We note that Sucampo has two marketed products - Amitiza and
We remind investors that Amitiza was approved by the U.S. Food
and Drug Administration (FDA) in 2006 for chronic idiopathic
constipation (CIC) in adults. Then, it gained FDA approval in
2008 for irritable bowel syndrome with constipation (IBS-C) in
women aged above 18 years. Furthermore, it gained FDA approval
for opioid-induced constipation (OIC) in Apr 2013. Amitiza is
approved for CIC in Switzerland as well as the UK and for chronic
constipation (CC) in Japan where it is marketed in collaboration
Sucampo is developing Amitiza in collaboration with its
Takeda Pharmaceuticals Inc
), which markets the drug in the U.S. Amitiza sales from the
U.S., came in at $78.0 million, up 4.6% year over year. Total
prescriptions for Amitiza increased 5% in 2013 and 6% in the
fourth quarter in the U.S.
Research & development expenses were $7.0 million in the
fourth quarter of 2013, down from $7.1 million in the year-ago
quarter. General & administrative expenses were $6.8 million
compared with $7.6 million in the year-ago quarter.
Revenues came in at $89.6 million, up 9.9% from 2012 and ahead
of the Zacks Consensus Estimate of $88.0 million. Earnings per
share in 2013 were 22 cents, beating the Zacks Consensus Estimate
of 10 cents and were above the 2012 figure of 12 cents.
Sucampo expects to remain profitable in
In Dec 2013, Sucampo commenced a global pivotal phase III
study for Amitiza in pediatric functional constipation. In Oct
2013, Sucampo commenced a pivotal study of a liquid formulation
of Amitiza 24 mcg in adults with CIC. Results from the study will
be out at the end of 2014. Sucampo will file a New Drug
Application (NDA) after the review of the results (an expected
launch in 2015 pending a favorable review of the NDA by the
We are encouraged by the fourth quarter results. Sucampo's
efforts to develop Amitiza for additional indications and
penetrate further in new geographies should drive growth in the
Sucampo carries a Zacks Rank #3 (Hold). Currently,
) looks more attractive with a Zacks Rank #1 (Strong Buy).
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