Aegerion Pharmaceuticals, Inc. (AEGR) Tops Q1 EPS by 10c

Aegerion Pharmaceuticals, Inc. (NASDAQ: AEGR) reported Q1 EPS of ($0.25), $0.10 better than the analyst estimate of ($0.35). Revenue for the quarter came in at $27 million versus the consensus estimate of $33.58 million.

Highlights

• Aegerion achieved $27.0 million in net product sales of JUXTAPID® (lomitapide) capsules in the first-quarter of 2014. 96% of net product sales in the first quarter were from the United States business, representing growth of 24% over net product sales from the U.S. business in the prior quarter.
• The Company now expects to achieve between $180 million and $200 million of net product sales in 2014; and anticipates reaching cash-flow positive operations in the second half of the year.
• The Company experienced continued steady growth in the number of prescriptions written in the U.S., and continues to see solid demand in key HoFH markets outside the U.S. where lomitapide is sold on a named patient basis, including Brazil. Ex-U.S. net product sales in Brazil were, however, adversely affected by longer turn-around times between price quotation and order at the federal level, and delays in receipt of orders from the government of São Paulo, including as a result of the ongoing São Paulo investigation which is focused on determining whether there has been any violation of anti-corruption laws in connection with prescriptions written in that state. Ex-U.S. net product sales decreased 70% from the prior quarter despite opening up five new named patient sales markets during the quarter.
• The Company recently initiated a Phase 3, open label clinical trial of lomitapide as an adjunct treatment to reduce low-density lipoprotein cholesterol (LDL-C) in adult Japanese patients with homozygous familial hypercholesterolemia (HoFH).

"We have made meaningful progress in the global commercialization of JUXTAPID as a treatment for HoFH, and believe we will be able to continue to grow our business supported by our increased commercial reach and focused execution," said Marc D. Beer, Chief Executive Officer.

Mr. Beer continued, "Five quarters into the U.S. launch, our focus has been centered on optimizing our commercial strategy and execution, specifically with key investments in the sales force and patient support teams. With broader reach and reinforced patient support now in place, and the first quarter expansion and realignment of our sales organization complete, we expect 2014 net product sales growth from the U.S. business to be more weighted toward the second half of the year. Brazil continues to be our number two revenue-generating country, and we expect named patient sales there to grow in the long-term given the number of identified HoFH patients in the country, and the level of interest among physicians. In the near term, we expect quarterly fluctuations to continue as a result of purchase order delays in Brazil. While we do not believe that there have been any violations of the Brazilian anti-corruption laws in our activities, we have adjusted our guidance to reflect the impact of potential delays in orders this year as a result of the investigation."

For earnings history and earnings-related data on Aegerion Pharmaceuticals, Inc. (AEGR) click here.

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