- Quarter Highlighted by Record Vancocin(R) Sales and Increase to Net Sales
Guidance -
EXTON, Pa., Oct. 29 /PRNewswire-FirstCall/ -- ViroPharma Incorporated
(Nasdaq: VPHM) reported today its financial results for the third quarter
and nine-months ended September 30, 2008.
Key events since June 30, 2008 include:
Development:
-- Dosing completed in Phase 3 study of maribavir in stem cell transplant
(SCT) patients; and
-- Patient enrollment continued in Phase 3 study of maribavir in solid
organ (liver) transplant patients;
Operational:
-- Net sales of Vancocin(R) achieved a record $66 million;
-- Research and development expenses increased by 43 percent over the
third quarter of 2007, primarily driven by investments in maribavir and
NTCD; and
-- Selling, general and administrative expenses increased 56 percent over
the third quarter of 2007 due to increased investments in our European
operations, our Vancocin sales force, additional medical education
activities and increased marketing efforts;
Business Development:
-- Acquisition of Lev Pharmaceuticals completed for $442.9 million of
upfront consideration, or $2.75 per Lev share, comprised of $2.25 per
share in cash and $0.50 per share in ViroPharma common stock;
-- Contingent consideration of up to $1.00 per Lev share, or $174.6
million may be paid on achievement of certain regulatory and commercial
milestones; and
-- FDA approved Cinryze(TM) for prophylaxis of hereditary angioedema;
Financial Results:
-- Operating income was $33 million;
-- Working cap
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