Shares in Flamel Technologies (NSDQ:FLML) rose today after the pharmaceutical company met expectations on Wall Street with its 3rd quarter results.
The Venissieux, France-based company posted a loss of -$22.3 million on sales of $32.1 million for the 3 months ended Sept. 30, for bottom-line growth of 20% despite a sales loss of 32% compared with the same period last year.
Adjusted to exclude 1-time items, losses per share were -8¢, ahead of consensus on The Street, where analysts were looking for sales of $30.7 million.
“Our base business, consisting of Bloxiverz (neostigmine methylsulfate), Vazculep (phenylephrine hydrochloride) and Akovaz (ephedrine sulfate), remained strong during the 3rd quarter with revenues coming in just above top line consensus,” CEO Michael Anderson said in prepared remarks. “Although we were able to maintain strong share in the neostigmine market at about 40% during the 3rd quarter, the overall market volume slightly declined. This, in addition to a small loss in price, resulted in lower quarter over quarter sales of Bloxiverz, at $15.6 million for the quarter. The phenylephrine business remained stable with 3rd quarter 2016 sales of $9.3 million, relatively in line with the previous quarter after adjusting for our change in revenue recognition. As expected in the 3rd quarter, we launched Akovaz, the 1st FDA-approved ephedrine sulfate injection. Akovaz added $5.6 million in revenues, partially offsetting some weakness in the neostigmine market which, as we outlined at the beginning of the year, was expected with increased competition. I am very pleased with the on-time and successful launch of Akovaz as it once again demonstrates our ability to identify, develop and launch commercially viable pharmaceutical products. Given that we launched later in the quarter, we are off to a good start.”
Flamel boosted its full-year revenue guidance range to $133 to $143 million, up from its previous guidance range of $125 to $140 million.
FLML shares were trading at $9.62 apiece today in afternoon trading, up 1.05%.
