Xenoport (XNPT) Misses Q1 EPS by 4c

Xenoport (NASDAQ: XNPT) reported Q1 EPS of ($0.33), $0.04 worse than the analyst estimate of ($0.29). Revenue for the quarter came in at $7.1 million versus the consensus estimate of $8.5 million.

Ronald W. Barrett, Ph.D., chief executive officer of XenoPort, stated, “We are happy to report that we completed discussions with the FDA to define the critical elements of a proposed development program for the potential treatment of relapsing forms of MS with XP23829. We also continue to make good progress advancing our XP23829 development program with the completion of enrollment in our Phase 2 psoriasis program. Our psoriasis study is designed to address the important question of the efficacy of an MMF prodrug other than dimethyl fumarate, and to provide information on the effect of dose, dosing frequency on efficacy, tolerability, immune cell modulation and safety of XP23829. We believe we are on track to deliver top-line results of the psoriasis trial by the end of the third quarter. This study should enable us to determine our next steps in development of XP23829 not only for patients with psoriasis but also as a potential treatment for patients with relapsing forms of MS.”

Dr. Barrett continued, “We experienced strong year-over-year growth in HORIZANT net sales. On a sequential quarter basis, we believe that seasonal effects impacted net sales, similar to last year. Recent prescription trends have been encouraging and we continue to believe that HORIZANT net sales for 2015 will be in the range of $39.0 million to $43.0 million.”

For earnings history and earnings-related data on Xenoport (XNPT) click here.

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