InterMune, Inc. (ITMN) Misses Q2 EPS by 16c, Sees FY Revenue at High-End of Range

InterMune, Inc. (NASDAQ: ITMN) reported Q2 EPS of ($0.72), $0.16 worse than the analyst estimate of ($0.56). Revenue for the quarter came in at $35.7 million versus the consensus estimate of $33.96 million.

InterMune, Inc. sees FY2014 revenue at upper end of $130-140 million, versus the consensus of $141.61 million.

With regard to its 2014 revenue guidance, InterMune noted the following:

• The typical decrease in doctor visits by patients and sales forces in Europe during the third quarter due to the summer holidays is expected.
• The company anticipates the impact on Esbriet revenue in Europe due to the ASCEND results presented in May will not be meaningful until 2015 when the European prescribing information (SmPC) is amended to reflect the ASCEND data, which is expected to occur in early 2015.
• InterMune has not achieved reimbursement for Esbriet in Canada from any of the public payers (provincial and territorial) and the company currently does not expect public reimbursement to begin there until 2015.
• InterMune is not providing forward-looking guidance for potential pirfenidone revenue in the United States in 2014. If the pirfenidone NDA is approved in 2014, the company would expect to recognize only very modest revenues from sales of Esbriet in the United States in 2014 given that: the PDUFA date is November 23, 2014, which is immediately prior to the November and December holiday periods and will decrease patient-doctor appointments; InterMune's closed, direct distribution system will be managed by a relatively small number of specialty pharmacy distributors who traditionally keep very close control of inventory levels; and the typical time required to gain meaningful reimbursement for newly launched medicines during the first months of launch.

For earnings history and earnings-related data on InterMune, Inc. (ITMN) click here.

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