InterMune Announces Fourth Quarter and Full Year 2007 Financial Results and Provides 200...( BRISBANE Calif. Feb. 7 /- InterMu...)

BRISBANE, Calif., Feb. 7 /PRNewswire-FirstCall/ -- InterMune, Inc. (Nasdaq: ITMN) today announced results from operations for the fourth quarter and year ended December 31, 2007. The company also provided 2008 financial guidance and milestones for its key development programs.

Results for the Fourth Quarter 2007

InterMune reported a net loss for the fourth quarter of 2007 of $25.8 million, or $0.66 per share, compared with a net loss of $21.5 million, or $0.64 per share, in the fourth quarter of 2006.

InterMune reported total revenue in the fourth quarter of 2007 of $9.6 million, compared with total revenue of $19.8 million in the fourth quarter of 2006. Total revenue in the fourth quarter of 2007 primarily consisted of Actimmune(R) revenue of $8.8 million, compared with $19.4 million in the same quarter of 2006, a decrease of approximately 55%, reflecting lower off-label physician prescriptions of Actimmune for the treatment of idiopathic pulmonary fibrosis (IPF), which InterMune does not promote. In March 2007, InterMune announced that its Phase 3 INSPIRE program for Actimmune in IPF had been discontinued, and that future Actimmune revenue was expected to decline.

Fourth quarter 2007 research and development (R&D) expenses of $25.0 million were 2% lower than in the fourth quarter of 2006, primarily due to closure of the INSPIRE trial. General and administrative (G&A) expenses were $6.6 million in the fourth quarter of 2007, compared with $10.4 million in the same period a year earlier, a decrease of 37%, reflecting reduced headcount and expenses associated with the March 2007 INSPIRE termination.

Fourth quarter 2007 expenses included a $6.2 million charge for acquired research and development in connec
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