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InterMune Reports Third Quarter 2010 Financial Results
Date:10/28/2010

third quarter of 2010, compared with $9.9 million in the same period a year earlier, an increase of 10 percent.  G&A expenses were $38.7 million in the first nine months of 2010, an increase of 44 percent from $26.9 million in 2009.  The higher G&A expenses are primarily attributed to costs related to preparation for the potential U.S. commercialization of pirfenidone in 2010, which did not occur.  

The net loss for the third quarter of 2010 was $24.3 million, or $0.44 per share, compared with a net loss of $8.8 million, or $0.19 per share, in the third quarter of 2009.  Net loss for the first nine months of 2010 was $83.7 million, or $1.55 per share, compared with a net loss of $87.4 million, or $2.00 per share, in the comparable period of 2009.As of September 30, 2010, InterMune had cash, cash equivalents and available-for-sale securities of approximately $133.5 million, which does not include net proceeds of $175.0 million from the company's sale to Roche of worldwide development and commercialization rights for danoprevir, announced on October 6, 2010.

Guidance for 2010 Expenses  The company today provided updated financial guidance from that initially provided on July 27, 2010, for operating expenses in 2010.

Operating Expenses

  • R&D expense:  anticipated to be between $65 and $70 million, compared to the company's previous guidance of between $80 and $90 million.
  • G&A expense:  anticipated to be between $45 and $50 million, compared to the company's previous guidance of between $40 and $50 million.  

  • Revenue: InterMune is not providing full-year 2010 revenue guidance for the company at this time as the final determination has not yet been made regarding the accounting treatment for the transaction in which InterMune sold worldwide development and commercialization rights for danoprevir to Roche on October 6, 2010.Conference
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    SOURCE InterMune, Inc.
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