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InterMune Announces Fourth Quarter and Full Year 2007 Financial Results and Provides 2008 Guidance
Date:2/7/2008

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Results for the Year Ended December 31, 2007

InterMune also reported financial results for the 12 months ended December 31, 2007. The net loss for the year was $89.5 million, or $2.52 per share, compared with a net loss of $107.2 million, or $3.22 per share in 2006.

Total revenue in 2007 was $66.7 million, compared with total revenue of $90.8 million in 2006, reflecting lower off-label revenues of Actimmune in IPF. Actimmune revenues totaled $53.4 million in 2007, compared with $90.3 million in 2006, a decrease of 41%. Revenue from the collaboration with Roche for the development of protease inhibitors, including ITMN-191, was $13.3 million for the full year 2007, consisting of a $10.0 million development milestone payment and $3.3 million in amortization of the $70 million in initial milestone payments, compared to $0.5 million in 2006. The Roche collaboration was initiated in October 2006.

R&D expenses were $105.8 million in 2007, or 2% higher, compared with $103.8 million in 2006. The increase was primarily due to the much larger number of patients in the two Phase 3 CAPACITY studies during 2007 and the conduct of the Phase 1a and 1b studies of ITMN-191, partially offset by reduced costs related to the discontinuation of the INSPIRE program. G&A expenses were $29.6 million in 2007, compared with $40.4 million in 2006, a decrease of 27%, reflecting the impact of cost reductions related to the closure of the INSPIRE trial for Actimmune.

InterMune recorded income from discontinued operations in 2007 of $5.0 million, reflecting a clinical-related milestone received from Valeant Pharmaceuticals related to Infergen(R), which Valeant acquired from InterMune in December 2005.

In 2007, InterMune recorded approximately $10.2 million in charges for restructuring-related expense associated with the termination of the INSPIRE study in March. Approximately $6.8 million of the restructuring charges were related to the termination of an exi
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SOURCE InterMune, Inc.
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