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InterMune Reports Fourth Quarter and Full Year 2010 Financial Results and Business Highlights
Date:2/16/2011

BRISBANE, Calif., Feb. 16, 2011 /PRNewswire-FirstCall/ -- InterMune, Inc. (Nasdaq: ITMN) today announced results from operations for the fourth quarter and full year ended December 31, 2010.

InterMune reported net income for the fourth quarter of 2010 of $206.1 million, or $3.34 per diluted share, compared with a net loss of $28.6 million, or $0.62 per diluted share, in the fourth quarter of 2009. Net income for the full year 2010 was $122.4 million, or $2.13 per diluted share, compared with a net loss of $116.0 million, or $2.62 per diluted share, in 2009.

Results for the fourth quarter and full year 2010 include proceeds of $175.0 million from the sale of danoprevir in October 2010 and the accelerated recognition of approximately $57.3 million of remaining deferred revenue in connection with the termination of the 2006 Hoffmann-La Roche Inc. and F. Hoffmann-La Roche Ltd. (Roche) collaboration agreement.

Dan Welch, Chairman, Chief Executive Officer and President of InterMune said, "Our financial results in 2010 were driven by the sale of our rights to danoprevir to Roche, which enabled us to end the year with $295 million in cash and cash equivalents and provided the financial resources to independently maximize the world-wide value of pirfenidone. In December of 2010 we announced the adoption of a positive opinion by European regulatory authorities for the marketing authorization of Esbriet™ (pirfenidone) and we expect Esbriet to soon become the first therapy approved for the treatment of IPF patients in Europe. Regarding the U.S., we announced in January of 2011 our plan to conduct a Phase 3 study toward the potential U.S. FDA approval of Esbriet for the more than 100,000 Americans who suffer from IPF."

Recent Clinical Development, Business Highlights and Upcoming MilestonesEsbriet™ (pirfenidone):

  • InterMune reported on Dec
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