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UPDATE 2-ViroPharma misses estimates, shares fall
May 1, 2012 / 11:26 AM / in 5 years

UPDATE 2-ViroPharma misses estimates, shares fall

* Sees FY revenue of $450 mln to $500 mln

* Q1 adj EPS $0.31 vs est $0.42

* Shares fall 12 pct

May 1 (Reuters) - ViroPharma Inc’s quarterly profit missed analysts’ estimates on weak sales of its genetic disorder drug Cinryze and off-patent antibiotic Vancocin, sending its shares down 12 percent.

Weak sales of Cinryze raise new concerns about the company’s future, which depends on the approval of an industrial scale manufacturing process for the drug.

Cinryze became the main value driver for ViroPharma after the U.S. health regulator approved generic versions of Vancocin last month. Vancocin accounted for more than half of ViroPharma’s 2011 sales.

“In particular, Cinryze sales were $6 million below expectations and Vancocin missed as well by $9 million,” JP Morgan analyst Geoff Meacham wrote in a note to clients.

ViroPharma also cut its full-year revenue forecast -- a move broadly expected by the market after the approval of generic Vancocin.

The pharmaceutical company posted a first-quarter net income of $20.0 million, or 26 cents per share, compared with $36.4 million, or 40 cents per share, a year ago.

Excluding items, it earned 31 cents per share, according to Thomson Reuters I/B/E/S, compared with analysts’ estimates of 42 cents per share.

Revenue rose 7 percent to $135.8 million, compared with analysts’ estimates of $148.8 million.

Vancocin sales fell 4.5 percent during the quarter.

For 2012, the company expects revenue of $450 million to $500 million, down from its prior forecast of $600 million to $660 million.

Analysts on an average are expecting revenue of $502.4 million, according to Thomson Reuters I/B/E/S.

ViroPharma shares, which have fallen 24 percent since the approval of generic Vancocin, were down 10 percent at $19.59 on Tuesday morning on the Nasdaq. They touched a low of $19.12 earlier in the day.

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