Savient Pharmaceuticals, Inc.
) reported second quarter 2013 loss per share of 35 cents, wider
than the Zacks Consensus Estimate of a loss of 31 cents, but
narrower than the year-ago loss of 53 cents.
Second quarter revenues rose 44% year over year to $6.7
million, above the Zacks Consensus Estimate of $6 million.
Revenues were driven by higher Krystexxa sales.
Net revenues included product revenues and co-promotion
revenues. Net Krystexxa revenues were $6.1 million, up 52% year
over year. Krystexxa is approved for the treatment of chronic
gout in adult patients who do not respond to conventional
therapy. Savient sold 2,058 vials in the reported quarter as
compared to 1,883 vials in the year-ago quarter.
Co-promotion revenue includes revenue from the sale
of Kineret. Savient has a co-promotion agreement with
Swedish Orphan Biovitrum AB (Sobi) on the sale of Kineret in the
U.S. Savient is marketing and promoting Kineret from Apr 1, 2013.
Kineret is approved for the reduction in signs and symptoms along
with slowing the progression of structural damage in adults
suffering from moderately-to-severely active rheumatoid
Research and development expenses declined 10% year over year
to $6.0 million, mainly due to lower expenses related to the
timing of incurring post marketing commitment costs for Krystexxa
in the U.S. Selling, general and administrative expenses
decreased 35% year over year to $17.8 million, primarily due to
lower marketing, promotion and compensation costs (as a result of
the Jul 2012 reorganization plan).
Savient carries a Zacks Rank #3 (Hold). Currently, companies
Questcor Pharmaceuticals Inc.
Biogen Idec Inc.
) look well positioned with a Zacks Rank #1 (Strong Buy).
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