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InterMune posts lower-than-expected revenue
July 23, 2012 / 3:16 PM / 5 years ago

InterMune posts lower-than-expected revenue

(Reuters) - Biotechnology company InterMune Inc’s ITMN.O quarterly revenue missed analysts’ estimates as sales of its lung-scarring drug Esbriet fell short of expectations, sending the company’s shares down as much as 14 percent.

InterMune posted quarterly revenue of $5.5 million, all of which came from Esbriet, compared with analysts’ expectations of revenue of $40 million, according to Thomson Reuters I/B/E/S.

The company expects full-year revenue from Esbriet to be between $20 million and $25 million.

Analysts on an average are expecting the company to post full-year revenue of $77.9 million.

Esbriet received European regulatory approval in March 2011 to treat idiopathic pulmonary fibrosis -- the scarring or thickening of the lungs without a known cause.

The drug, which was rejected by the U.S. Food and Drug Administration in May 2010, is being tested in a late-stage trial in the United States.

InterMune posted a net loss from continuing operations of $50.9 million, or 78 cents per share, for the second quarter compared with a loss of $41.3 million, or 70 cents per share, a year earlier.

Analysts on an average expected a loss of 23 cents per share.

InterMune also said that it would price Esbriet at 26,999 euros, or about $33,000 per patient per year in Germany effective September 15.

Brisbane, California-based InterMune’s shares were down 13 percent at $10.20, making them one of the top percentage losers on the Nasdaq on Monday. They touched a low of $10.08 earlier in the day.

Reporting by Prateek Kumar in Bangalore; Editing by Roshni Menon

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