Aegerion Pharmaceuticals, Inc.
) reported first quarter 2014 net loss per share of 54 cents,
wider than the Zacks Consensus Estimate of a loss of 35 cents but
narrower than the year-ago loss of 64 cents per share.
Net product revenues for the quarter were $27 million from
Juxtapid, which is the sole marketed product at Aegerion. The
company reported $1.2 million of revenues in the year-ago quarter
(first quarter of Juxtapid launch). Juxtapid revenues rose
sequentially by 10.1%. However, revenues missed the Zacks
Consensus Estimate of $34 million.
In the reported quarter, research and development (R&D)
expenses were $7.9 million, compared with $5.8 million in the
year-ago quarter. The increase in R&D spend reflects expenses
related to increased employee costs and clinical development
Selling, general and administrative expenses swelled 140.9%
year over year to $31.8 million, mainly due to a higher
headcount, outside services for the marketing of Juxtapid in the
U.S., global expansion and increased legal fees.
Juxtapid is approved for the treatment of patients suffering
from homozygous familial hypercholesterolemia (HoFH). The drug
was launched in the U.S. in late Jan 2013. 96% of Juxtapid sales
came from the U.S. However, ex-U.S. sales in Brazil were
adversely affected by longer turnaround times between price
quotation and order at the federal level. This delayed the
receipt of orders from the government.
The company commenced a phase III study of Juxtapid in
Japanese HoFH patients in Apr 2014. Aegerion plans to submit the
new drug application in Japan in mid 2015.
2014 Outlook Lowered
The 2014 guidance was reduced primarily due to longer
turnaround times and purchase order delays in Brazil. For
2014, Aegerion cut its net revenues guidance from the range of
$190-$210 million to $180-$200 million. The Zacks Consensus
Estimate for the year currently stands at $202 million.
Aegerion carries a Zacks Rank #3 (Hold). Demand for Juxtapid
has been solid since its launch five quarters back. In the
reported quarter, Juxtapid has seen steady growth in the number
of prescriptions written in the U.S. Aegerion expects the second
half of the year to bring in more Juxtapid revenues.
Some better-ranked stocks worth considering include
Alexion Pharmaceuticals, Inc.
Gilead Sciences Inc.
). Alexion Pharma and Gilead Sciences carry a Zacks Rank #1
(Strong Buy) while Allergan holds a Zacks Rank #2 (Buy).
AEGERION PHARMA (AEGR): Free Stock Analysis
ALLERGAN INC (AGN): Free Stock Analysis
ALEXION PHARMA (ALXN): Free Stock Analysis
GILEAD SCIENCES (GILD): Free Stock Analysis
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