Vivus Inc. (VVUS: Quote) Thursday reported a wider loss for the fourth quarter, as revenues from its only commercial drug fell short of estimates, while the drug maker incurred increased marketing costs on the drug.
Sales of obesity drug Qsymia was $2.0 million, while analysts polled by Thomson Reuters expected revenues of $3.09 million for the quarter.
Qsymia is Vivus only commercial product. Last June, the company received FDA approval to market Qsymia as an addition to diet and exercise for chronic weight management. It was the second drug in 13 years to be approved by FDA to treat obesity.
The company intensified its commercialization activities for Qsymia, as the initial sales of the drugs were below expectations. Selling, general and administrative costs for the quarter jumped to $50.3 million from $6.5 million last year.
Mountain View, California-based Vivus' fourth-quarter loss widened to $56.7 million or $0.56 per share from $11.5 million or $0.13 per share last year. On average, thirteen analysts polled by Thomson Reuters expected earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.
VVUS closed Monday's regular trade at $12.41, down $0.17 or 1.36%. The stock further slipped $0.54 or 4.35%, on a volume of 2.3 million shares.
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by RTT Staff Writer
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