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InterMune Reports First Quarter 2013 Financial Results and Business Highlights

erMune had cash, cash equivalents and available-for-sale securities of approximately $441.9 million.  The March 31, 2013 cash balances include net proceeds from InterMune's concurrent offerings of common stock and convertible notes, which were completed in January 2013.

Guidance for 2013 Revenue and Operating Expenses
The company reiterated its forward-looking financial guidance as announced on January 3, 2013, for Esbriet revenue and operating expenses in 2013:

  • Esbriet revenue: currently projected to be in a range of $40 to $70 million.  This includes:
  • Projected revenue in a range of $40 to $55 million in countries where Esbriet is currently launched (Germany, France, Canada and seven so-called mid-sized European countries).  This range accounts for the impact on revenues of the time required to comply with provincial procedures in Canada before governmental reimbursement of Esbriet in all 10 provinces is typically obtained.
  • Projected revenue in a range of $0 to $15 million in countries where Esbriet is not yet launched at this time.  Countries in this layer of guidance are as follows:
  • Italy – expected launch by mid-June.
  • UK – expected launch by mid-August.
  • Spain – update to be provided in the fourth quarter of 2013.
  • Three mid-sized European countries – Finland launch expected in June; Ireland pricing and reimbursement process conclusion expected in June and if terms are acceptable, a launch in the third quarter; and an update to be provided on the Netherlands in the fourth quarter of 2013.
  • NOTE: The $0 to $15 million range accounts for the impact on revenues of the several quarters needed  to comply with various regional access procedures in Italy (and if pricing and reimbursement terms are agreed in Spain), before patient access to Esbriet can be achieved in every region.
  • R&D expense: currently anticipated to be

  • SOURCE InterMune, Inc.
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