Cadence Pharmaceuticals Inc. recently announced that it expects preliminary net revenue of Ofirmev (acetaminophen) injection to be approximately $17.1 million for the fourth quarter. Thepreliminary revenue guidance is above the earlier projection of approximately $15.9 million to $16.4 million issued during the third quarter earnings release. The remaining financial results for 2012 will soon be disclosed.
Cadence expects net revenue estimate for Ofirmev to be in the range of $94 million to $100 million approximately in 2013.
Ofirmev is Cadence Pharmaceuticals’ proprietary intravenous formulation of acetaminophen. It is indicated to manage mild-to-moderate and moderate-to-severe pain with adjunctive opioid analgesics as well as for the reduction of fever.
It was approved by the US FDA in Nov 2010 and subsequently launched in the US in Jan 2011. The US Food and Drug Administration (FDA) approval was based on data from clinical trials in around 1,020 adults and 355 pediatric patients.
The exclusive rights to Ofirmev in the US and Canada were acquired by Cadence from Bristol-Myers Squibb (BMY - Analyst Report) in 2006. The drug is marketed by Bristol-Myers as Perfalgan in Europe and other parts of the world.
Cadence is working on increasing Ofirmev’s access in various hospitals. As of Sep 30, 2012, Ofirmev was ordered by nearly 3,500 unique accounts. Ofirmev customer base was increased by 10% in the third quarter as compared to the second quarter of 2012.
Cadence carries a Zacks Rank #4 (Sell). Right now Agenus Inc. (AGEN - Snapshot Report) and Targacept, Inc. look more attractive with a Zacks Rank #1 (Strong Buy).