Savient Pharmaceuticals, Inc. reported second quarter 2013 loss per share of 35 cents, wider than the Zacks Consensus Estimate of a loss of 31 cents, but narrower than the year-ago loss of 53 cents.
Second quarter revenues rose 44% year over year to $6.7 million, above the Zacks Consensus Estimate of $6 million. Revenues were driven by higher Krystexxa sales.
Net revenues included product revenues and co-promotion revenues. Net Krystexxa revenues were $6.1 million, up 52% year over year. Krystexxa is approved for the treatment of chronic gout in adult patients who do not respond to conventional therapy. Savient sold 2,058 vials in the reported quarter as compared to 1,883 vials in the year-ago quarter.
Co-promotion revenue includes revenue from the sale of Kineret. Savient has a co-promotion agreement with Swedish Orphan Biovitrum AB (Sobi) on the sale of Kineret in the U.S. Savient is marketing and promoting Kineret from Apr 1, 2013. Kineret is approved for the reduction in signs and symptoms along with slowing the progression of structural damage in adults suffering from moderately-to-severely active rheumatoid arthritis.
Research and development expenses declined 10% year over year to $6.0 million, mainly due to lower expenses related to the timing of incurring post marketing commitment costs for Krystexxa in the U.S. Selling, general and administrative expenses decreased 35% year over year to $17.8 million, primarily due to lower marketing, promotion and compensation costs (as a result of the Jul 2012 reorganization plan).
Savient carries a Zacks Rank #3 (Hold). Currently, companies like Questcor Pharmaceuticals Inc. , Biogen Idec Inc. (BIIB - Analyst Report) and Actelion Ltd. (ALIOF - Snapshot Report) look well positioned with a Zacks Rank #1 (Strong Buy).