Aegerion Pharma Cuts Full Year Revenue View; Stock Down

(RTTNews) - Aegerion Pharmaceuticals, Inc. (AEGR) Thursday said third-quarter net loss narrowed from the prior year, helped by higher sales. However, the firm lowered its revenue outlook for the year, sending the shares down in the extended trade.

Net loss narrowed to $5.9 million or $0.20 per share from $12.5 million or $0.43 per share for the year-ago quarter.

Excluding items, adjusted net income was $0.12 per basic share, while it was a net loss of $0.17 per basic share in the prior year quarter.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.14 per share. Analysts' estimates typically exclude special items.

Net product sales climbed to $43.67 million from $16.33 million in the third-quarter of 2013. Analysts expected revenue of $48.64 million for the third quarter.

Marc Beer, CEO, said, "We continue to believe in the overall market potential of JUXTAPID. However, we are reducing our full year's sales estimates at this time to reflect both higher patient dropout rates and lower U.S. prescription growth rates than previously anticipated following the commercial investments we made earlier this year."

The company now expects to achieve between $150 million and $160 million of net product sales in 2014, revised from the previous expectation of the lower end of the $180 to $200 million range. Analysts currently expect the company to post revenue of $172.91 million for the full year 2014.

Aegerion expects 2015 revenue growth of between 30% and 40% over 2014 projected revenue.

The stock closed up 4.4 percent on Thursday at $34.21, and plunged 30.3 percent in the extended trade.