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InterMune Reports Second Quarter 2014 Financial Results and Business Highlights
Date:8/6/2014

months of 2013, an increase of 165 percent. 

Research and development (R&D) expenses in the second quarter of 2014 were $39.7 million, compared with $27.5 million in the second quarter of 2013, an increase of 44 percent.  R&D expenses were $71.8 million for the six months ended June 30, 2014, compared with $53.4 million in the first six months of 2013, an increase of 34 percent.  Higher R&D expenses in both the three and six month periods reflect activities to complete and report the ASCEND Phase 3 trial, a higher number of patients in the RECAP extension study of pirfenidone compared to the year-earlier periods, and activities related to the preparation of the pirfenidone NDA resubmission.  R&D expenses in the second quarter of 2014 also reflect increased activity related to the company's product development activities, primarily the conduct of the LOTUSS, PANORAMA and PASSPORT (post-approval commitment safety and tolerability registry of 1,000 patients in Europe) studies, its several advancing anti-fibrotic research programs, and initiation and conduct of an Expanded Access Program (EAP) for pirfenidone in the United States.

Selling, general and administrative (SG&A) expenses were $52.6 million in the second quarter of 2014, compared with $37.3 million in the same period a year earlier, an increase of 41 percent.  SG&A expenses were $97.0 million in the first six months of 2014, an increase of 44 percent from $67.2 million in the same period of 2013.  The increased spending for the three and six month periods in 2014 compared with the same periods in 2013 is predominantly attributed to increasing investments in pre-launch preparations for pirfenidone in the United States.

InterMune reported a net loss for the second quarter of 2014 of $71.2 million, or $0.72 per share, compared with a net loss of $62.9 million, or $0.77 per share, in the second quarter of 2013.  Net loss for the fi
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SOURCE InterMune, Inc.
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