Achillion Pharma (ACHN) Misses Q1 EPS by 1c; Joseph Truitt Appointed Chief Executive Officer

Achillion Pharma (NASDAQ: ACHN) reported Q1 EPS of ($0.15), $0.01 worse than the analyst estimate of ($0.14).

Achillion today announced that Joseph Truitt, the Company’s President and Chief Operating Officer, has been named Chief Executive Officer and will be appointed to the Company’s Board of Directors. Milind S. Deshpande, Ph.D. will be stepping down from his role as Chief Executive Officer and resigning from the Board of Directors, and is expected to provide continued guidance and scientific support under a consulting agreement.

Dr. Deshpande has been at Achillion for 17 years, the last five as CEO, and under his leadership, the Company transformed from its previous focus on anti-infectives to discovering and developing its first-in-class complement Factor D platform. David Scheer, Chairman of the Achillion Board of Directors, remarked, “Milind has done an outstanding job through a critical transition to a new therapeutic area, and I believe he leaves the Company well positioned to move successfully to late-stage clinical development and commercialization. We are grateful for his contributions.”

“I am quite proud of the innovation we have demonstrated over the last five years,” said Dr. Deshpande. “The Company has an exciting future and I am proud to have had a foundational role in positioning Achillion to be a leader in complement biology and developing investigational products that have the potential to improve the lives of patients who have no or few options,” added Dr. Deshpande.

Mr. Scheer continued, “We are very pleased that Joe has stepped up to lead Achillion through its next stage of growth, and that he has the experience of successfully navigating many of the challenges that come with launching a rare disease drug. We currently have potentially transformative therapies discovered and developed at Achillion in phase 2 global clinical trials, and we know Joe, the management team and the board are committed to further advancing the Company’s drug portfolio.”

Mr. Truitt has led Achillion’s business development and commercial strategy since joining the Company in 2009. He joined Achillion from Viropharma, after its acquisition of Lev Pharmaceuticals, where he led the build-out of commercial infrastructure and the strategy for the launch of Cinryze®. He was previously responsible for sales and commercial operations at Johnson and Johnson’s OraPharma subsidiary.

For earnings history and earnings-related data on Achillion Pharma (ACHN) click here.

You May Also Be Interested In

• Genco rejects Diana Shipping takeover bid as undervalued
• U.S. Physical Therapy names Nchacha Etta as CFO, effective Sept. 2026
• Reading (RDI) Tops Q2 EPS by 4c