Research and development (R&D) expenses in the fourth quarter of 2008 were $26.3 million compared with $25.1 million in the fourth quarter of 2007, an increase of 5%. General and administrative (G&A) expenses were $7.8 million in the fourth quarter of 2008, compared with $6.6 million in the same period a year earlier, an increase of 18%.
During the fourth quarter of 2008, InterMune recorded an "other-than-temporary" impairment charge of approximately $3.5 million on its auction-rate securities, reported in the statements of operations.
As of December 31, 2008, InterMune had cash, cash equivalents and available-for-sale securities of approximately $154.7 million.
Results for the 12 Months Ended December 31, 2008
InterMune also reported results from operations for the full year ended December 31, 2008. The net loss for the year was $97.7 million, or $2.51 per share, compared with a net loss of $89.6 million, or $2.52 per share, in 2007.
Total revenue in 2008 was $48.2 million, compared with total revenue of $66.7 million in 2007, a decrease of 28%. Actimmune revenue totaled $29.9 million in 2008, compared with $53.4 million of Actimmune revenue in 2007, a decrease of approximately 44%, reflecting lower off-label sales of Actimmune for the treatment of IPF, which InterMune does not promote. Revenue from the collaboration with Roche was $18.3 million in 2008, compared with $13.3 million in 2007. Collaboration revenue in 2008 consisted of a $15.0 million development milestone and $3.3 million in amortization of the initial upfront and manufacturing milestone payments.
R&D expenses were $104.6 million in 2008, a 1% decrease compared to
$105.9 million in 2007. G&A expenses were $30.3 million in 2008, essentially
unchanged from $29.6 million in 2007.
|SOURCE InterMune, Inc.|
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