Idenix Pharmaceuticals’ loss of 17 cents per share in the fourth quarter of 2012 was a penny below the year-ago loss and in-line with the Zacks Consensus Estimate.
The company’s fourth quarter 2012 revenues were $0.3 million up from ($0.7) million in the year-ago period, but below the Zacks Consensus Estimate of $1 million. Revenues in the year-earlier period suffered from a charge against revenues worth $3.4 million.
Full-year 2012 adjusted net loss came in at 21 cents per share, narrower than the year-ago loss of 57 cents and the Zacks Consensus Estimate of a loss of 25 cents per share.
Full-year revenues came in at $69.7 million, significantly above $6.9 million in 2011. This massive increase was due to the recognition of $36.1 million as deferred revenues in relation to the termination of a license agreement with ViiV Healthcare Company.
Full-year revenues were slightly below the Zacks Consensus Estimate of $70 million.
The Quarter in Detail
Research and development expense during the quarter increased 37.2% year over year to $17.5 million.
General and administrative expense increased 67.4% year over year to $7.3 million.
In Jan 2013, Idenix inked a collaboration agreement with Janssen Pharmaceuticals, Inc.− a Johnson & Johnson (JNJ - Analyst Report) company – for the development of all-oral direct acting antiviral (DAA) Hepatitis C Virus (HCV) therapies. The collaboration covers IDIX719, simeprevin (TMC435) and TMC647055. The drug-drug interaction study is expected to begin in the first quarter of 2013.
Idenix will also file an investigational new drug application (IND) for uridine-based nucleotide analog candidate in the first half of 2013.
Idenix, a biopharma company, currently carries a Zacks Rank #3 (Hold). Other biopharma stocks like Cytokinetics Incorporated (CYTK - Snapshot Report) and Array BioPharma Inc. (ARRY - Snapshot Report) currently look more favorable. Cytokinetics carries a Zacks Rank #1 (Strong Buy), whereas Array carries a Zacks Rank #2 (Buy).