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

rst six months of 2014 was $124.8 million, or $1.32 per share, compared with a net loss of $112.7 million, or $1.42 per share, in the comparable six months of 2013.As of June 30, 2014, InterMune had cash, cash equivalents and available-for-sale securities of approximately $560.2 million.Guidance for 2014 Revenue and Operating Expenses The company updated its forward-looking financial guidance for Esbriet revenue and operating expenses in 2014, from that provided on May 1, 2014.

Esbriet revenue: The company currently expects 2014 revenue to be toward the upper end of the increased projection of $130 to $140 million that InterMune provided in May 2014.  With regard to its 2014 revenue guidance, InterMune noted the following:

  • The typical decrease in doctor visits by patients and sales forces in Europe during the third quarter due to the summer holidays is expected.
  • The company anticipates the impact on Esbriet revenue in Europe due to the ASCEND results presented in May will not be meaningful until 2015 when the European prescribing information (SmPC) is amended to reflect the ASCEND data, which is expected to occur in early 2015.
  • InterMune has not achieved reimbursement for Esbriet in Canada from any of the public payers (provincial and territorial) and the company currently does not expect public reimbursement to begin there until 2015.
  • InterMune is not providing forward-looking guidance for potential pirfenidone revenue in the United States in 2014.  If the pirfenidone NDA is approved in 2014, the company would expect to recognize only very modest revenues from sales of Esbriet in the United States in 2014 given that: the PDUFA date is November 23, 2014, which is immediately prior to the November and December holiday periods and will decrease patient-doctor appointments; InterMune's closed, direct distribution system will be managed by a relatively small number of specialty pharmacy distributors who tradit
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  • SOURCE InterMune, Inc.
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