InterMune Loss Widens On Expenses; Expects FY Revenue At Upper End Of Guidance

(RTTNews) - Biotechnology company InterMune Inc (ITMN) Wednesday reported second-quarter net loss of $71 million or $0.72 per share, compared with $62.9 million or $0.77 per share last year.

Loss per share for the 2014 quarter reflected a higher share count.

Sales from its Esbriet drug for the quarter was $35.7 million, compared with $14.4 million in the prior year.

Analysts polled by Thomson Reuters projected a loss of $0.56 per share on sales of $33.96 million for the quarter. Analysts' estimates typically exclude special items.

Esbriet is InterMune's product for the treatment of idiopathic pulmonary fibrosis (IPF) in adults in Europe and Canada, and the drug, under the name pirfenidone, is currently under review by the U.S. Food and Drug Administration.

Results for the quarter were hurt by an increase in expenses to $98 million from $66.7 million last year, due to higher research, sales and general expenses.

For fiscal year 2014, the company now expects Esbriet sales to be at the upper end of the prior guidance of $130 million to $140 million.

Analysts project sales of $141.61 million for the year.

The company said its guidance reflects, among other things, typical decrease in doctor visits by patients and sales forces in Europe during the third quarter due to the summer holidays.