First Quarter 2013 Financial Results (Unaudited)
InterMune reported total Esbriet revenue in the first quarter of 2013 of $10.5 million, compared with $4.9 million in the first quarter of 2012, an increase of 114 percent. Sequentially, Esbriet revenue in the first quarter of 2013 increased 28 percent from $8.2 million in the fourth quarter of 2012.
Research and development (R&D) expenses in the first quarter of 2013 were $25.9 million compared with $23.2 million in the first quarter of 2012, an increase of 12 percent. Higher R&D expenses reflect increased expenses primarily due to conduct of the ASCEND trial, which enrollment was completed on January 9, 2013.Selling, general and administrative (SG&A) expenses were $30.0 million in the first quarter of 2013, compared with $26.3 million in the same period a year earlier, an increase of 14 percent. The increased spending for the three-month period in 2013 compared with the same period in 2012 is attributed to the continued development of InterMune's commercial infrastructure and investments in the pre-launch and launches of Esbriet in Europe and Canada.InterMune reported a net loss for the first quarter of 2013 of $49.9 million, or $0.64 per share, compared with a net loss of $46.6 million, or $0.72 per share, in the first quarter of 2012. Per share amounts included gains from the role of Actimmune® (interferon gamma-1b) in discontinued operations of $0.01 per share and $0.03 per share in the first quarters of 2013 and 2012, respectively.As a result of the June 19, 2012 divestiture of Actimmune, historical Actimmune revenue, cost of goods sold, operating costs, and tax impact are reported in discontinued operations in this and future financial statements and therefore do not appear in the comparisons above regarding on-going operations.
As of March 31, 2013, Int
|SOURCE InterMune, Inc.|
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