InterMune Inc. Earnings Cheat Sheet: Loss Widens

InterMune, Inc. (NASDAQ:ITMN) reported its results for the third quarter. InterMune is a biotech company, which is focused on developing and commercializing innovative therapies in pulmonology and hepatology.

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InterMune Earnings Cheat Sheet for the Third Quarter

Results: Loss widened to $38.2 million (63 cents per diluted share) from $24.3 million (loss of 44 cents per share) in the same quarter a year earlier.

Revenue: Fell 7.5% to $5.2 million from the year earlier quarter.

Actual vs. Wall St. Expectations: ITMN beat the mean analyst estimate of a loss of 73 cents per share. It fell short of the average revenue estimate of $5.4 million.

Quoting Management: Dan Welch, Chairman, Chief Executive Officer and President of InterMune said, “The third quarter was highlighted by the launch of Esbriet in Germany at the Annual Congress of the European Respiratory Society in late September, which provided an outstanding forum to roll out the Esbriet launch campaign. We are very pleased by the high level of awareness of and interest in Esbriet among German pulmonologists and the demand for Esbriet in Germany during the six weeks since launch is meeting our expectations. Looking beyond Germany, our plans are on schedule to make Esbriet available to patients in additional countries in Europe and our Phase three study ASCEND is on track with our expectation to complete enrollment in the first half of next year.”

Key Stats:

A year-over-year revenue decrease last quarter snaps a streak of three consecutive quarters of revenue increases. Revenue rose 5.9% in the second quarter, 4.4%in the first quarter and 3555.5% in the fourth quarter of the last fiscal year.

The company topped expectations last quarter after falling short of forecasts in the second quarter with a loss of 68 cents versus a mean estimate of a loss of 61 cents per share.

Looking Forward: The average estimate for the fourth quarter is down from a loss of 66 cents per share ninety days ago to a loss of 72 cents, indicating that analysts are increasingly pessimistic about the company’s next quarter performance. The average estimate for the fiscal year has reached a loss of $2.71 per share, down from a loss of $2.52 ninety days ago.

Competitors to Watch: Gilead Sciences, Inc. (NASDAQ:GILD), Vertex Pharmaceuticals Inc. (NASDAQ:VRTX), Idenix Pharmaceuticals, Inc. (NASDAQ:IDIX), Amgen, Inc. (NASDAQ:AMGN), Amarillo Biosciences, Inc. (AMAR), Merck & Co., Inc. (NYSE:MRK), Pfizer Inc. (NYSE:PFE), Pharmasset, Inc. (NASDAQ:VRUS), Roche Holding Ltd. (RHHBY), and Anadys Pharmaceuticals, Inc. (NASDAQ:ANDS).

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(Source: Xignite Financials)

 

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