InterMune Reports Third Quarter 2008 Financial Results and Business ...(on revenue included a $15.0 milliondevel...)

Date:11/6/2008

on revenue included a $15.0 million development milestone payment from Roche. Third quarter 2008 total revenue also included Actimmune(R) (interferon gamma-1b) revenue of $7.5 million, compared with $10.6 million of Actimmune revenue in the same quarter of 2007, a decrease of approximately 29%, reflecting lower off-label physician prescriptions of Actimmune for the treatment of idiopathic pulmonary fibrosis (IPF), which InterMune does not promote. Third quarter 2008 Actimmune revenue increased modestly over that of second quarter 2008 reflecting an 18% price increase taken in July.

Research and development (R&D) expenses in the third quarter of 2008 were $25.7 million compared with $23.4 million in the third quarter of 2007, an increase of 10%. General and administrative (G&A) expenses were $7.9 million in the third quarter of 2008, compared with $6.4 million in the same period a year earlier, an increase of 23%.

As of September 30, 2008, InterMune had cash, cash equivalents and available-for-sale securities of approximately $185.6 million, compared with $188.3 million as of June 30, 2008.

Results for the Nine Months Ended September 30, 2008

InterMune also reported results from operations for the nine months ended September 30, 2008. The net loss for the period was $65.4 million, or $1.68 per share, compared with a net loss of $63.7 million, or $1.85 per share, in the first nine months of 2007.

Total revenue in the first nine months of 2008 was $40.8 million, compared with total revenue of $57.1 million in the same period of 2007, a decrease of 29%. Actimmune revenue totaled $23.3 million in the first nine months of 2008, compared with $44.6 million of Actimmune revenue in the first nine months of 2007, a decrease of approximately 48%, reflecting lower off-label sales of Actimmune for the treatment of IPF, which InterMune does not promote. Revenue from the collaboration with Roche was $17.5 million in the first nine months of 2008,
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SOURCE InterMune, Inc. Copyright©2008 PR Newswire. All rights reserved

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